PRESS RELEASE 22 October 2008
AMENDMENTS TO THE MONEY LAUNDERING ORDER
The Commission has today published a Position Paper that sets out proposed amendments to the Money Laundering (Jersey) Order 2008 (the “Order”).
The Order requires businesses within its scope to apply customer due diligence measures, to keep records, and to have policies and procedures in place to prevent and detect money laundering and terrorist financing. Businesses that are covered by the Order include banks, investment businesses, trust companies, lawyers, accountants, and estate agents.
The main effect of the amendments would be to:
- Require any report of knowledge or suspicion that another person is involved in money laundering or terrorist financing to be disclosed to the Joint Financial Crimes Unit (the “JFCU”) using a form that is approved by the Minister for Treasury and Resources (the “Minister”).
- Require additional information relating to a disclosure that is made to the JFCU to be provided at the request of the JFCU.
- Require enhanced customer due diligence measures to be applied where a customer has a connection with a country or territory that does not apply the Financial Action Task Force (the “FATF”) Recommendations.
- Permit the disclosure of certain information to a person with whom a business shares common ownership - where disclosure is appropriate for the purpose of preventing or detecting money laundering or terrorist financing.
- Make it an offence to set up an anonymous account or to run an account using a fictitious name.
- Prohibit the provision of banking services to “shell” banks (those banks that do not have a physical presence in the jurisdiction in which they are incorporated and which are not part of an international group that is subject to supervision).
- Allow the Minister to apply countermeasures to customers that are situated or incorporated in a country or territory that does not apply the FATF Recommendations.
The proposed amendments have been discussed with the Commission’s Steering Group for the Prevention and Detection of Money Laundering and Terrorist Financing. In addition, the proposals were presented to over 300 practitioners in a series of five seminars held in early September.
It is anticipated that the Minister will bring the amendments into force on 7 November 2008.
A copy of the Position Paper can be downloaded from the Commission’s Website by clicking here.
- Ends -
Andrew Le Brun - Director, International & Policy
Tel: + 44 (0) 1534 822065
Fax: + 44 (0) 1534 822001