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2015 MONEYVAL assessment
MONEYVAL carried out a mutual evaluation of Jersey’s compliance with the FATF standards through the following activities:
Submission of information by all FATF and MONEYVAL members of previous experience of cooperation with Jersey
Response by Jersey to a mutual evaluation questionnaire (MEQ) and statistics delivered to MONEYVAL on 18 November 2014
The results of the mutual evaluation were discussed at the December 2015 Plenary Meeting of all MONEYVAL members, observers and the secretariat
An on-site assessment of Jersey by a delegation of eight assessors (four from MONEYVAL member countries and four from the MONEYVAL Secretariat) took place January 17 to 24, 2015.
The Assessment Team comprised eight individuals with the following nationalities:
Andorran
Armenian
British
Dutch
Estonian
French
Israeli
Maltese
During the on-site element of the assessment, the assessors met insular authorities, private sector financial institutions, designated non-financial businesses and professions and financial sector associations. The meetings focused on all areas of the FATF standards particularly AML/CFT risks in specific sectors, customer due diligence and reporting.
Meetings were held with the Jersey Financial Crime strategy Group (the Strategy Group) and representatives from the various Island authorities that are members of the Strategy Group and involved in the fight against money laundering and the financing of terrorism:
Jersey Financial Services Commission
Law Officers' Department
Joint Financial Crimes Unit
States of Jersey Police
Chief Minister’s Department - Financial Services
Chief Minister’s Department - External Affairs
Customs and Immigration Service
Judiciary: Bailiff, Deputy Bailiff and the Viscount
Further meetings were held with representatives from the following Industry sectors:
Deposit-takers (Banks)
Trust and Company Service Providers
Lawyers
Accountants
Asset managers (investment business and fund services business)
Estate agents
Money Services Business
In total across the course of the week the assessors attended approximately 35 meetings and spoke to more than 110 individuals.
