The Government of Jersey is seeking the views of interested parties on the introduction of a civil forfeiture regime for Jersey to strengthen its regime to fight financial crime.
This new legislation, if enacted, would create a civil forfeiture procedure that would apply to cash and assets held in bank accounts.
The proposed legislation and relevant consultation documents can be accessed by clicking here.
The consultation follows recommendations made in a 2016 report on Jersey by the Council of Europe’s MONEYVAL committee. Among its recommendations, the committee, which evaluates jurisdictions’ measures to combat money laundering and terrorist financing, suggested Jersey might introduce a non-conviction-based confiscation regime in parallel with its current conviction-based system.
The Government of Jersey, advised by the Financial Crime Strategy Group, has decided to act on this recommendation, particularly as the Financial Action Task Force recommendations and methodology (against which Jersey will be assessed in approximately 2021) place greater emphasis on how effectively jurisdictions are depriving individuals of illicit property.
The consultation will close on 1 November 2017.