Industry update

Strengthening Jersey’s financial crime framework: insights from the SIFS Fifth Economic Crime and Compliance Symposium

At the School of International Financial Services (SIFS) Fifth Economic Crime and Compliance Symposium, our Executive Director of Enforcement, Intelligence and Financial Crime, Kerry Petulla, shared an update on Jersey’s financial crime regime and joined a panel discussion on collaboration in the fight against financial crime.

Progress since MONEYVAL

Kerry began by reflecting on Jersey’s strong performance in the 2024 MONEYVAL assessment, which confirmed that Jersey operates to one of the highest global compliance standards in anti-money laundering, countering the financing of terrorism and countering proliferation financing (AML/CFT/CPF).

“That outcome sent a strong message of confidence to investors, counterparties, and international partners - and it reinforced Jersey’s reputation as a safe and responsible finance centre.”

While the report was overwhelmingly positive, Kerry reinforced that the JFSC remains committed to addressing the recommendations to maintain Jersey’s good standing. The Recommended Actions from the assessment focus on strengthening supervision, improving preventative measures, and enhancing financial intelligence and enforcement.

Delivering on commitments

In 2025, the JFSC has made significant progress. Kerry highlighted several milestones achieved this year, including:

  • the implementation of the Obliged Entity Beneficial Owner Register, a major step forward in transparency
  • consultations on AML/CFT/CPF Handbook revisions and criminal background checks, with changes due to take effect by 31 May 2026, giving businesses time to prepare
  • enhancements to our examination approach, introducing clearer risk ratings and simplified reporting to help firms prioritise remediation
  • internal improvements, including staff training and strengthened procedures, ensuring consistency and effectiveness

Kerry also emphasised the JFSC’s active role in the National Financial Crime Framework, contributing to risk assessments and national statistics as Jersey prepares for the next MONEYVAL evaluation.

Emerging risks and enforcement trends

The presentation also explored key themes from recent supervisory and enforcement work.

This year, the JFSC conducted 34 financial crime examinations, with findings identified in areas such as:

  • business risk assessments
  • risk appetite statements
  • periodic reviews
  • screening processes

The JFSC’s Supervision team are actively working with businesses to improve knowledge, understanding, and share best practice.

Enforcement case volumes average at around 48 cases per year, with most resolved through engagement rather than formal action. However, Kerry noted a sharp rise in fraud and scam cases, including impersonation of legitimate businesses and even the JFSC itself.

Many of these scams now involve international connections, often linked to higher risk jurisdictions, which means the JFSC is increasingly working with overseas regulators to share intelligence and disrupt criminal activity. 

One recent example involved a scam connected to a UK law firm. By sharing information with a UK-based regulator, the JFSC helped secure the suspension of the firm and the reimbursement of funds to victims, a strong outcome for consumer protection.

Kerry emphasised the importance of timely reporting, noting that delays can impede the ability to issue warnings and mitigate harm. Businesses concerned about confidentiality, can anonymously report incidents through the JFSC’s whistleblowing line on +44 (0)1534 887557.

The growing scale and sophistication of fraud has prompted the JFSC to consider a broader fraud strategy, working more closely with other agencies to tackle this evolving threat.

Looking ahead

Kerry concluded by looking to 2026, the JFSC will:

  • continue delivering on MONEYVAL Recommended Actions
  • work closely with the Government of Jersey on fraud strategy
  • launch its 2026 - 2030 strategy, setting priorities for effective regulation
  • collaborate closely with industry to maintain Jersey’s reputation as a trusted jurisdiction

The importance of inter-agency collaboration

Following her presentation, Kerry joined representatives from the Jersey Wealth Management Association and SIFS for a panel discussion on inter-agency collaboration in the fight against financial crime.

The conversation reinforced the importance of effective partnerships among regulators, law enforcement, and the private sector in identifying threats, sharing intelligence, and building resilience.