Codes of Practice - new definition for anti-money laundering legislation
We have updated the definition of ‘anti-money laundering legislation’ in a number of our Codes of Practice as a consequence of legislative amendments and following the UK’s departure from the European Union.
These changes came into effect on 1 January 2021. Further legislation will come into force later this year, which will complete the move from EU sanctions regulations to UK sanctions legislation.
The new definition of anti-money laundering legislation is as follows:
“Includes the Proceeds of Crime (Jersey) Law 1999, the Money Laundering (Jersey) Order 2008 and the Terrorism (Jersey) Law 2002, as well as any other applicable laws, all as amended from time to time. It also includes the international sanctions regimes implemented through the Sanctions and Asset-Freezing (Implementation of EU Regulations) (Jersey) Order 2020 and equivalent legislation relating to the implementation of UK sanctions. The legislation must be observed in conjunction with the requirements of the relevant Handbook for the Prevention and Detection of Money Laundering and the Financing of Terrorism, issued by the JFSC.”
The following Codes of Practice have been updated:
- General Insurance Mediation Business Code of Practice
- Investment Business Code of Practice
- Money Service Business Code of Practice
- Trust Company Business Code of Practice
- Insurance Business Code of Practice
- Deposit- taking Business Code of Practice
- Certified Investment Fund Code of Practice
- Fund Service Business Code of Practice
As these updates are due to statutory change, consultation was not required.