On the 11th June The Deputy Chief Minister approved the draft Proceeds of Crime and Terrorism (Miscellaneous Provisions) (Jersey) Law 2014 (Appointed Day) Act 201- (the “Appointed Day Act”) for lodging and directed that the documents should be lodged au Greffe for debate by the States at the earliest opportunity.
Reason(s) for Decision:
The Appointed Day Act will bring into force the Proceeds of Crime and Terrorism (Miscellaneous Provisions) (Jersey) Law 2014 in whole on 4 August 2014. This date has been considered in relation to the upcoming assessment for AML/CFT compliance of Jersey by MoneyVal commencing 1 September 2014 and consideration has also been given to an early appointed day act to hopefully allow a rapid extension of the Palermo and Strasbourg Conventions to Jersey.
What’s it about?
This Report details progress made in addressing deficiencies identified in the IMF’s 2009 assessment report on the FATF Core Recommendations.
How does it affect you?
The Report recommends that Jersey reconsiders certain CDD requirements, including, a risk-based review of 3rd party reliance, removal of CDD concessions in higher risk scenarios, requiring enhanced CDD for private banking and non-resident customers and reviewing CDD timing rules.
The Report queries the effectiveness of AML prosecutions and supported the JFSC’s proposed power to impose fines, but presumably to include AML (as well as Codes) breaches. A further assessment will take place during 2014.
Loading...