Joint consultation with Government of Jersey on anti-money laundering exemptions

We’ve launched a joint consultation with the Government of Jersey on more closely aligning the Island’s exemptions regime to International Standards.

We are asking for your feedback on our proposals to make some of the more complex aspects of Jersey’s regulatory regime as clear and simple as possible. The proposals will mean that several Island businesses that are not currently subject to registration or notification requirements will need to register with us, or notify us about their activities in the future.

Feedback should be provided by 17 January 2022.

Background on these proposals

This consultation forms part of the ongoing work to ensure our anti-financial crime regime is in line with the international standards set by the Financial Action Task Force (the FATF). The FATF is the global authority and standard-setting body for the prevention of money-laundering, financing of terrorism and proliferation.

In its 2015 Mutual Evaluation Report for Jersey, MONEYVAL, the body that assesses Jersey on compliance with the FATF standards, made several recommendations to Jersey about the technical application of the anti-money laundering and countering terrorist financing regime to various legal structures administered in the island - these were known as exemptions.

Working group

We have been working with Government and Industry since 2020 on the existing list of exemptions. This work has resulted in this consultation.