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Industry update

Updated guidance on the countering of the financing of proliferation of weapons of mass destruction

As part of the Island’s fight against financial crime, we have updated our guidance concerning the financing of proliferation of weapons of mass destruction.

We are working with the Government of Jersey and other local and international stakeholders to build a better understanding of the local exposure to proliferation financing and its associated risks.

To do this, Industry will be risk assessed for exposure to proliferation financing risk. We will be collecting current information from stakeholders in a questionnaire which will be circulated on 18 July 2022. Industry will have two months to complete this.

Our analysis of the data we collect will determine our approach to future potential enhancements that we may need to make to the regulatory framework. This will help us to demonstrate that we, as an Island, can effectively identify, assess, monitor, manage and mitigate proliferation financing risks.

This exercise should not cause any concern. Undertaking a risk assessment of this kind is advised under the Recommendations of the international AML/CFT/CPF standard setter, the Financial Action Task Force.

We have also published a comparison between money laundering, proliferation financing and terrorist financing.

More information on this national risk assessment will follow closer to the time.