Jersey’s Financial Services Commission has released the results of an industry consultation on proposed revisions to the Money
Laundering (Jersey) Order 2008.

The amendments have been proposed to align the Jersey Order with certain revised recommendations from the Financial Action
Task Force on Money Laundering (FATF), and to clarify the application in certain circumstances of simplified or, as the case
may be, enhanced due diligence (EDD) measures.

Article 15 of the Jersey Order is proposed to be revised to reflect the new FATF recommendation that EDD measures must be
applied where a person is connected in particular ways with a country or territory that the FATF deems to be high risk.

Conversely, concessionary provisions will be introduced in Article 17 to allow relevant persons to avoid applying specific
identification requirements in relation to intermediaries which are regulated persons or carry on business equivalent to
regulated business, or in cases where the relevant person knows or has reasonable grounds to believe that an intermediary is
wholly owned by a regulated person.

A similar concession is to be introduced by way of a revision to Article 18(7) of the Jersey Order to allow simplified
customer due diligence (CDD) measures to be applied to a pension scheme that permits members to transfer membership interests
to a person post death.

Another concession permitted by Article 18(6A) in relation to the application of certain identification measures is extended
to bodies corporate the securities of which are listed on an IOSCO-compliant market.

This is achieved by way of a revision to the definition of “regulated market” to make it easier to apply simplified CDD
measures to customers that are companies with securities listed on transparent markets.

. http://www.tax-news.com/news/Jersey_Tightens_Money_Laundering_Law____60749.html