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 comments by the Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (“MONEYVAL”) in 2013 and is intended to strengthen the measures that are applied in Jersey by: financial institutions, such as

1. banks,
2. trust companies and investment businesses;
3. professional firms, such as lawyers and accountants; and
4. other firms subject to measures to counter money laundering and the financing of terrorism (“AML/CFT”).

AML/CFT measures covered in the Consultation Paper include:

1. The application of simplified customer due diligence measures.
2. The application of enhanced customer due diligence measures.
3. The obligation to provide information to a designated police officer or designated customs officer.
4. In formulating its proposals, the Commission’s objective has been to apply international standards in a way that is consistent with neighboring territories, and the money laundering and terrorist financing risk present in Jersey.
5. Action taken by the Commission, including these proposals, will be reviewed in September this year by MONEYVAL.

To access Consultation Paper No. 3 2014 please click here. http://bit.ly/SXhSMb – Responses to the consultation should be sent to the Commission by 18 July 2014.

PRESS RELEASE  20 JUNE 2014 http://bit.ly/SXhQ74

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 took place in December 2013.  The “progress report” can be found at http://bit.ly/UlHGD0