We have made updates to our Sanctions pages following the amendments of the Sanctions and Asset-Freezing Law
We have updated our sanctions webpages and the Financial Sanctions Practical Guidance on our website. This is to reflect the current amendments to the Sanctions and Asset-Freezing (Jersey) Law 2019, effective from 8 June 2022.
What does this mean?
These updates are in relation to the implementation of targeted financial sanctions and must be adhered to immediately to comply with the technical compliance requirements of the Financial Action Task Force (FATF) Recommendation 6 and Recommendation 7.
These recommendations concern Targeted Financial Sanctions (TFS) related to terrorism, and TFS related to the financing of weapons of mass destruction proliferation, respectively.
The purpose of the TFS regime is to ensure that designated persons involved in terrorism and the proliferation of weapons of mass destruction are prevented from raising, moving and using funds, assets and other resources.
The new amendments have also expanded reporting obligations of the relevant financial institutions. We are asking that you review these changes and submit a Sanctions Compliance reporting form to report any attempts to breach or circumvent sanctions to the Minister for External Relations and Financial Services.