Jersey tightens anti-money laundering legislation
Jersey has introduced new legislation designed to strengthen the Crown dependency’s capabilities to fight financial crime in response to the findings of Council of Europe’s Committee of Experts on the Evaluation of Anti-Money Laundering Measures and Financing of Terrorism (MONEYVAL) report
5 Jul 2018
This found that Jersey was compliant or largely compliant with 48 of the 49 Financial Action Task Force (FATF) recommendations, but highlighted what it called ‘a few minor technical deficiencies’.
The report, which was published in 2016, stated: ‘The AML/CFT legal framework for preventive measures has been strengthened and updated, demonstrating a high degree of technical compliance with the majority of assessed FATF standards, with minor shortcomings in certain areas and its effectiveness hampered by certain characteristics.’
In response, the Jersey government has passed amendments to the Proceeds of Crime (Jersey) Law. Overall, the two amendments are focused on strengthening Jersey’s ability to secure higher volumes of prosecutions and confiscations in cases of financial crime. Specifically, they widen the definition of ‘criminal property’ and change the requirement of two qualifying offences to just one, when making assumptions regarding criminal conduct.
Commenting on the introduction of the new legislation, Geoff Cook, CEO, Jersey Finance, said: ’Whilst quite specific and technical in nature, their swift introduction clearly reinforces that Jersey stands aligned with efforts to enhance future transparency frameworks and is focused on clamping down on financial crime. It also underlines our willingness to work with global authorities to ensure our systems for prosecuting financial crime are amongst the best in the world.’
Report by Pat Sweet