Updated Consolidated AML/CFT Handbook to capture change in legislation for imposing civil financial penalties
In July 2021, the Government of Jersey held a consultation on extending our powers to impose civil financial penalties. The consultation proposed bringing Money Laundering Reporting Officers (including deputy MLROs) and senior management into the scope of the regime. This means that they can be personally liable for fines. The consultation also proposed that we receive the power to impose civil financial penalties for breaches of the Money Laundering (Jersey) Order 2008. You can read more about this consultation and the outcome on the Governments website.
Following the consultation and subsequent consideration by the States Assembly, amendments to the Financial Services Commission (Jersey) Law 1998 (the Commission Law) come into force on 29 April 2022.
As a result, we need to make changes to the Consolidated AML/CFT Handbook (the Consolidated Handbook) in order to reflect these legislative amendments.
Summary of changes
We have added the defined term ‘Commission Law’ to the Consolidated Handbook Glossary. We have also made amendments and additions to Sections 1.3.1 to 1.3.3 of the Consolidated Handbook, to describe our new powers under the pending Commission Law.
The changes to the Handbook are purely administrative in nature. They do not add to, or amend, any AML/CFT Codes of Practice.
Additional glossary amendments
Following an internal review, we concluded that the current definitions of ‘money laundering’ and ‘financing of terrorism’ in the Consolidated Handbook Glossary do not accurately reflect Jersey law. We have amended these definitions so they capture the full meanings given in our legislation.
Tracked change versions of the Handbook
We have published tracked-change documents to help you with the changes listed above. These documents are also compared against the versions we published on 31 January 2022.
Effective date of these changes
The amended documents will become effective at the same date as the rest of the Consolidated Handbook on 31 May 2022.
If you have any questions, contact a member of our Policy team.