Preparation for forthcoming consultation on reducing the range of exemptions from AML/CFT oversight
In November, we expect the Government of Jersey to consult Industry on legislative amendments to reduce the current range of exemptions from AML/CFT supervision that are available to businesses conducting activity within the scope of the FATF 40 Recommendations.
As well as bringing Jersey in line with international standards, this will provide an opportunity to simplify legislation, particularly the interconnectivity of:
- Proceeds of Crime (Jersey) Law 1999
- Proceeds of Crime (Supervisory Bodies) (Jersey) Law 2008
- Financial Services (Jersey) Law 1998
- Collective Investment Funds (Jersey) Law 1988
- Banking Business (Jersey) Law 1991
- Insurance Business (Jersey) Law 1996
- Control of Borrowing (Jersey) Law 1947
and their respective Schedules, Orders and Regulations.
We are currently finalising our policy work and wanted to provide an update of where we are and what we are proposing ahead of the consultation.
Caroline Morgan, our International and Industry Engagement Coordinator and Helen Hatton, Project Adviser, will present a one-hour webinar on Wednesday 15 September, which will cover:
- the FATF permitted criteria for granting exemptions
- the 2015 MONEYVAL report findings
- the problems posed by the current regulatory framework
- key observations from the Industry working group
- proposed solutions
- the activities expected to be most impacted by any changes to the current regulatory framework
- the timetable and proposed transition.
If you missed the webinar you can catch up here:
Caroline and Helen will also answer any questions at the end of the session.