JFSC updates sanctions pages

Posted: 21/06/2022

The Jersey Financial Services Commission has updated its sanctions webpages and financial sanctions practical guidance on its website to reflect amendments to the Sanctions and Asset-Freezing (Jersey) Law 2019, effective from 8 June.

What does this mean?

The updates relate to the implementation of targeted financial sanctions and must be adhered to immediately to comply with the technical compliance requirements of the Financial Action Task Force Recommendation 6 and Recommendation 7.

They concern targeted financial sanctions (TFS) related to terrorism and to the financing of weapons of mass destruction. 

The purpose of the TFS regime is to ensure that designated persons involved in terrorism and the proliferation of weapons of mass destruction are prevented from raising, moving and using funds, assets and other resources.

Next steps

The amendments have also expanded the reporting obligations of the relevant financial institutions. 

The Commission is asking businesses to review the changes and submit a sanctions compliance reporting form to report any attempts to breach or circumvent sanctions to the Minister for External Relations and Financial Services.

• To view the sanctions webpages click here

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