The Jersey Financial Crime Strategy Group (JFCSG) is to conduct a national risk assessment of the threats posed to the island by money laundering and terrorist financing.
The expected completion date of the assessment is May/June 2019, when a report and action plan will be published.
The Financial Action Task Force, which sets the global standards concerning financial crime, now requires all countries to identify, assess and understand the risks posed by money laundering and terrorist financing.
The JFCSG is a multi-departmental group responsible for mitigating the risk of financial crime in Jersey. Its responsibilities involve coordinating risk assessments, reviewing and developing financial crime policies and legislation, and ensuring an appropriate risk-based application of resources.
Like many other jurisdictions in Europe, Jersey will be using an assessment methodology developed by the World Bank to help undertake its national risk assessment. The methodology is designed to:
• Guide countries in assessing risks in order to design a more effective, risk-based regime to prevent money laundering and combat terrorist financing
• Contribute to capacity building, not only for money laundering and terrorist financing risks, but also data collection practices
• Raise awareness, trigger interaction and cooperation among stakeholders from government and the private sector
Andrew Le Brun has been seconded from the Jersey Financial Services Commission to the Chief Minister’s Department for the duration of the national risk assessment exercise.
Chair of the JFCSG, Richard Corrigan, said: “Whilst this is not the first time Jersey has considered money laundering and terrorist financing risks, the national risk assessment will be the most comprehensive assessment of these risks to date. Its conclusions will be instrumental in taking future policy decisions.”
Further information on the risk assessment can be found here