Jersey Finance is encouraging firms to engage with two consultations under way in Jersey, which provide evidence of the jurisdiction’s willingness to combat financial crime and meet global standards of financial regulation.
A consultation launched last month by the Jersey Financial Crime Strategy Group makes proposals aimed at implementing recommendations by the Financial Action Task Force (FATF) to strengthen Jersey’s credentials in fighting financial crime.
In particular, the consultation puts forward measures to tackle the financing of weapons of mass destruction, provide clarity around transparency, and be tougher on corruption. The closing date for submissions is 30 September.
A further consultation, launched by Jersey’s government earlier this month, aims to get feedback on proposals to satisfy concerns raised by the EU’s Code of Conduct Group around the concept of economic substance.
The proposals draw on thinking from the OECD and EU relating to economic substance, as well as the legal and regulatory requirements that already exist in Jersey. The deadline for submissions is 31 August.
Both consultations follow the recent introduction of legislation designed to strengthen Jersey’s capabilities to fight financial crime. Amendments to the Proceeds of Crime (Jersey) Law were approved by Jersey’s government in June to ensure Jersey complies with recommendations highlighted in the 2016 MONEYVAL report.
• For the Financial Crime Strategy Group consultation click here
• For the States of Jersey economic substance consultation click here