Dormant Bank Accounts

The Panel reviewed the Dormant Bank Accounts (Jersey) Law 201- (P.25/2016) lodged by the Chief Minister, following an initial debate on the principles on 26 April 2016. Panel members considered written and oral submissions from the department and other witnesses to determine whether it is appropriate for Government to legislate for the collection and re-distribution of unclaimed private assets held by banks. As part of its review the Panel considered whether the proposed period of 15 years for identifying dormant accounts was appropriate; if the full capital value of the assets should form part of the distribution or if there should be restrictions; and whether different classes of assets or currencies should be included. The Panel presented its findings to the States before the resumption of the debate on 28 June 2016.