The Jersey Financial Crime Strategy Group – comprising representatives from the government of Jersey, Jersey Financial Services Commission, States of Jersey Police and Jersey Customs and Immigration Service – has launched a public consultation on the implementation of the 2012 Financial Action Task Force (FATF) recommendations on anti-money laundering (AML) and countering the financing of terrorism (CFT).
The recommendations are intended to strengthen areas considered by FATF, through its membership by the international community, to be higher risk, or where implementation of financial crime standards should be enhanced.
This includes measures to deal with new threats such as the financing of weapons of mass destruction, to be clearer on transparency and tougher on corruption.
Following analysis of the enhancements to international AML/CFT standards, the JFCSG has identified potential areas for legislative development in Jersey’s current regime.
Whilst some of these areas were addressed by amendments to existing legislation in 2017 and 2018, the JFCSG consultation paper contains a full set of proposals for remaining legislative amendments relating to the FATF recommendations.
Senator Ian Gorst, Minister for External Relations, who has responsibility for financial services, commented:
“This consultation is critical to ensuring we implement the right measures to meet the standards set by the FATF and contribute to the global fight to combat money laundering and the financing of terrorism.”
• Consultation responses – and enquiries about it – can be submitted online or by e-mail to cpresponses@jerseyfsc.org