PRESS RELEASE 10 MAY 2013
CONSULTATION ON REVISION OF THE MONEY LAUNDERING (JERSEY) ORDER 2008
Today, the Jersey Financial Services Commission (the “Commission”) has issued a Consultation Paper on proposals to amend provisions dealing with enhanced and simplified customer due diligence.
The Paper consults on legislation to amend the Money Laundering (Jersey) Order 2008 following publication of a consultation paper in November 2011 and a feedback paper in December 2012.
The Consultation Paper, including draft amending legislation, can be viewed on the Commission’s website by clicking here. Hard copies of the Consultation Paper are available upon request.
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For further information please contact: -
Andrew Le Brun - Director, Office of the Director General
Jersey Financial Services Commission
Tel: + 44 (0) 1534 822065
Fax: + 44 (0) 1534 822003
NOTES TO EDITORS
The Commission is responsible for the regulation, supervision and development of the financial services industry in Jersey for deposit-taking, collective investment funds, fund services business, insurance business, general insurance mediation business, investment business, money service business, and trust company business (hereafter referred to as “regulated financial services business”). It is also responsible for overseeing compliance with legislation to counter money laundering and the financing of terrorism.
The Money Laundering (Jersey) Order 2008 applies to all persons carrying on a financial services business in Jersey or through a Jersey company. The term “financial services business” is defined in Schedule 2 of the Proceeds of Crime (Jersey) Law 1999, and includes regulated financial services business and some activities of law firms, accountants and estate agents.
The meaning of the term “customer due diligence measures” is set out in Article 3 of the Money Laundering (Jersey) Order 2008. It includes taking steps to collect information on a customer and to verify that the customer is who he or she claims to be.