Industry update

AML/CFT Handbook updates following changes to the Proceeds of Crime Law

To reflect recent amendments to the Proceeds of Crime (Jersey) Law 1999 (the Proceeds of Crime Law) we have made some administrative changes to the Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) Handbook.

Consolidated AML / CFT Handbook

What are the legal changes

On 21 April 2022, the Proceeds of Crime (Amendment No.5) (Jersey) Law 2022 came into force. Among other things, this amendment expanded the scope of Part 3 of the Proceeds of Crime Law in respect of criminal property and the proceeds of criminal conduct.

On 24 June 2022 the Proceeds of Crime (Amendment No.7) (Jersey) Law 2022 came into force. This amendment creates the new offence of failure to prevent money laundering. It also makes further provisions for where offences are committed by limited liability partnerships, separate limited partnerships, incorporated limited partnerships and other bodies corporate.

Changes to the Handbook

  • we have made amendments to Sections 1, 6, 8, 13 and 16 
  • the changes to the Handbook are purely administrative in nature. They do not add to, or amend, any AML/CFT Codes of Practice

Formatting changes

It is important that we make our documents accessible to all users, so we have made some changes to the formatting of the Handbook. These changes include:

  • simplifying the colour-coded headings and removing the letter labels (apart from the sector-specific sections 11-16)
  • amending the tables in the following sections so they are clearer and do not rely on colour-coding
    • Section 2.4.4
    • Section 5.1
    • Section 7.13 
    • Section 13.3

These changes are effective immediately. We have published tracked-change documents on our Handbook webpage to help you with the changes listed above.

If you have any questions, contact a member of our Policy team: policy@jerseyfsc.org.