PRESS RELEASE 5 October 2011
JERSEY FINANCIAL SERVICES COMMISSION AND STATES OF JERSEY POLICE
SIGN MEMORANDUM OF UNDERSTANDING
The Jersey Financial Services Commission (the “Commission”) and the States of Jersey Police (the “Police”) have entered into a Memorandum of Understanding to establish a formal basis for co-operation, in particular in respect of the exchange of information to assist each other in carrying out their respective functions.
Whilst the Commission and the Police already have legal gateways to permit the exchange of relevant confidential information, the Memorandum formally records the type of information which they will pass to each other. The information that the Commission will pass to the Police will include that which indicates a significant financial crime may have been committed. The information that the Police will pass to the Commission will include that which indicates a significant breach of regulatory legislation or a binding regulatory requirement may have occurred.
The Memorandum also sets out a protocol for the establishment of joint Commission/Police case conferences where a person is suspected of committing both criminal offences and regulatory breaches. In addition, the Memorandum sets out a protocol for the joint execution of search warrants where the Commission has sought one from the Bailiff in order to obtain information to further a regulatory investigation.
In a joint statement, John Harris, Director General of the Jersey Financial Services Commission and Mike Bowron, Chief Officer of the States of Jersey Police, said:
“The Commission and the Police have long had a close and fruitful working relationship and we are therefore delighted to sign this Memorandum of Understanding which formally puts on record the circumstances in which our organisations will co-operate with each other and, in particular, sets out the type of information which we have agreed to pass to each other to assist in the carrying out of our respective functions.”
A copy of the Memorandum has been placed on the Commission’s website.
- Ends -
For further information please contact: -
John Harris - Director General
Jersey Financial Services Commission
Tel: + 44 (0) 1534 822011
Fax: + 44 (0) 1534 822001
Carol Saunders-Long - Communications & Community Engagement Manager
States of Jersey Police
Tel: + 44 (0) 1534 612109
Fax: + 44 (0) 1534 612503
NOTES TO EDITORS
The Jersey Financial Services Commission
The Commission is responsible for the regulation, supervision and development of the financial services industry in the Island of Jersey for banking, collective investment funds, fund services business, insurance business, general insurance mediation business, investment business, money service business, and trust and company service providers. The Director General is also the Registrar
Additionally, the Commission is the supervisory body for the sectors that are subject to regulatory oversight of their money-laundering and countering the financing of terrorism responsibilities.
The States of Jersey Police
The States of Jersey Police has responsibility for the prevention and detection of crime including the investigation of financial crime, which it carries out predominantly through the Joint Financial Crimes Unit (“JFCU”).
Financial crime investigation is regarded as a strategic priority for the Police and is considered to play a significant role in protecting the reputation of the Island’s finance industry.
Amongst other things, the JFCU is responsible for the receipt, collation, analysis and dissemination of information contained within suspicious activity reports (“SARs”) that are submitted to it.