PRESS RELEASE 11 May 2009
AMENDMENT TO THE AML/CFT HANDBOOK:
IDENTIFICATION AND VERIFICATION OF IDENTITY CONCERNING, INTER ALIA, FOUNDATIONS
The Commission has today published a Consultation Paper on amendments to Part 1, Section 4 of the Handbook for the Prevention and Detection of Money Laundering and the Financing of Terrorism for Financial Services Business regulated under the Regulatory Laws (the “AML/CFT Handbook”).
Many of the changes that are proposed in this Consultation Paper follow the adoption by the States of Jersey of the Foundations (Jersey) Law 200- in October 2008. The changes proposed will have the effect of establishing explicit regulatory requirements and providing accompanying guidance on how identification measures are to be applied in cases where a foundation is establishing a business relationship or carrying out a one-off transaction with a person that is subject to the Money Laundering (Jersey) Order 2008 (the “Money Laundering Order”).
Some other amendments are also proposed. For example:
- Changes are made to reflect amendments made to the Money Laundering Order by the Money Laundering (Amendment No. 2) (Jersey) Order 2008.
- Guidance is included on what is meant by the term “regulated market”, which is defined in Article 2 of the Money Laundering Order as having the same meaning as in the Money Laundering Regulations 2007 of the United Kingdom.
The Consultation Paper does not consider the requirements that are to be applied where a trust company is incorporating a foundation, or providing any of the services that are set out in Article 2(3) and (4) of the Financial Services (Jersey) Law 1998 to a foundation. These will be covered in a separate section of the AML/CFT Handbook for trust company business.
A copy of the Consultation Paper can be downloaded from the Commission’s website at www.jerseyfsc.org.
The Commission is seeking comments from interested parties by 30 June 2009.
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For further information please contact: -
Andrew Le Brun - Director, International & Policy
Tel: + 44 (0) 1534 822065
Fax: + 44 (0) 1534 822001