The Omnibus Law responds to a MoneyVal comment, by changing the existing offence of ‘failing to disclose suspicious transactions’ into a positive obligation that you ‘must make a disclosure’.
Further it aligns the tipping off provisions in POCL and TJL and, importantly, removes the qualification referring to tipping off that might prejudice an investigation – the offence is now merely tipping off.
In due course, regulations may be made to set out circumstances where it shall not be an offence to disclose information (eg, intra group or with JFSC).
What’s it about?
The JFSC recently proposed “routine maintenance” amendments to key Jersey regulatory legislation with a view to enhancing the consistency of supervisory powers across all regulatory laws. http://bit.ly/1qBm6Ir
(i) How does it affect you?
(ii) The more significant amendments relate to:
(iii) investigatory powers;
(iv) Court powers to order restitution; and
(v) enhancing co-operation with overseas regulators.
Investigatory powers will be extended to former, as well as current, employees. They will also include power to require verification of information provided, which may be applied in evaluating whether an individual is “fit and proper” to fulfil a controlling role.
The technical bits
The Draft Law amends and replaces certain reporting requirements under the
(i) Proceeds of Crime (Jersey) Law 1999 (POCL) and
(ii) Terrorism (Jersey) Law 2002 (TJL) and
(iii) repeals the Drug Trafficking Offences (Jersey) Law 1988.
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