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Today, the Jersey Financial Services Commission (the "Commission") has issued a Consultation Paper on proposals to amend the Money Laundering (Jersey) Order 2008. 

The Consultation Paper deals with a number of recommendations made by the International Monetary Fund (the "IMF") in 2009 to strengthen the measures that are applied in Jersey by financial institutions, such as banks and trust companies, and professional firms, such as lawyers and accountants to counter money laundering and the financing of terrorism ("AML/CFT").

AML/CFT measures covered in the Consultation Paper include:

  • The application of effective policies and procedures.
  • Testing compliance with those policies and procedures.
  • Collecting information about a customer’s identity and background, and verifying information about identity through documentary evidence and/or other data sources (together referred to as " identification measures").   Sometimes it is possible to simplify these identification measures and sometimes it is possible to rely on a third party to have collected and verified the information.
  • Holding on to information and evidence of identity, and sharing it with third parties in some limited circumstances.

The Consultation Paper also proposes that, with appropriate safeguards, identification measures need be applied by a collective investment fund only when it is issuing its shares or units.

In formulating its proposals, the Commission’s objective has been to apply international standards in a way that is consistent with neighbouring territories, and the money laundering and terrorist financing risk present in Jersey.  In addition to responding to specific questions posed in the Consultation Paper, respondents are invited to also consider whether the Commission has met its objective.

Action taken by the Commission to address the IMF recommendations will be reviewed later this year by MONEYVAL, a part of the Council of Europe.

To access Consultation Paper No.7 2013 please click here.

Responses to the consultation should be sent to the Commission or Jersey Finance Limited by 23 August 2013.

- Ends -

For further information on this press release please contact: -

Andrew Le Brun - Director, Office of the Director General
Jersey Financial Services Commission
Tel: + 44 (0) 1534 822065
Fax: + 44 (0) 1534 822002

- Notes to Editors -

  1. The IMF visited Jersey in 2008 and published its report in 2009.  It published a similar report for Guernsey in 2011.
  2. More recently, international standards have been updated.  In 2012, the Financial Action Task Force published revised Recommendations, and, in 2013, published a new methodology for assessing compliance with those Recommendations.
  3. In October 2012, the Committee of Ministers of the Council of Europe (the "Council") agreed that Jersey, Guernsey and the Isle of Man could participate fully in the evaluation processes of the Council’s Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism ("MONEYVAL") - and be subject to its evaluation and follow-up procedures.
  4. MONEYVAL’s first follow-up review of Jersey is scheduled to take place in December 2013.

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