Industry update 24 July 2024

The JFSC welcomes Jersey’s strong MONEYVAL outcome and Government of Jersey’s strategic review

The publication today of Jersey’s Mutual Evaluation Report by MONEYVAL, the Council of Europe’s permanent monitoring body, confirms that Jersey’s effectiveness in preventing financial crime is among the highest level found in jurisdictions evaluated around the world.

The report also confirms that the JFSC has all the key structures, powers and activities in place. Assessors recognised the strengths of the beneficial ownership regime, and JFSC colleagues’ knowledge, skills and expertise.

In line with the report’s recommended actions, we must now continue to enhance our approach. We have put in place a high-level action plan to address the key recommended actions and will expand further on this in the autumn, along with a programme of industry engagement.

Alongside announcing the outcome of Jersey’s MONEYVAL report, the Government of Jersey has today announced that they will lead a strategic review of the approach to regulation of financial and professional services.

The review is a key opportunity for Jersey to collaboratively modernise and simplify the legal and regulatory framework. The scope of the review is being finalised and further communications will follow.

Director General Jill Britton said: “The MONEYVAL Mutual Evaluation Report sends a strong message globally that we are a reputable jurisdiction to do business with. I’m extremely proud of the JFSC team who contributed significantly to this positive outcome, which was essential for Jersey’s international reputation and market access. I would also like to thank the Government of Jersey team, our agency colleagues, and all our industry partners.

“We welcome the government-led strategic review of the approach to regulation of financial and professional services in Jersey. Following this positive outcome from our MONEYVAL evaluation, we now have the opportunity to leverage compliance with international standards as a platform for further growth.

“The success of MONEYVAL has shown that when we work closely with others, we deliver far better results. Over the coming months we will engage closely with government, the financial services community and industry to ensure that we get the outcomes we need.”