The former treasurer of Spain’s ruling People’s Party (PP), in jail awaiting trial on charges of money-laundering and other crimes, has been granted provisional liberty with a bail of 200,000 euros ($231,820), a High Court spokeswoman said. Luis Barcenas has been in jail since June 2013 over a long-running corruption investigation which is a source […]

4 Emerging money laundering trends 4.1 Virtual Currencies Virtual currencies (also known as crypto-currencies) are distributed, open-source, mathsbased peer-to-peer currencies that have no central administrating authority and no central monitoring or oversight. Examples include Bitcoin, Altcoin, Dogecoin and the like. An FATF discussion paper on virtual currencies issued in June 2014 defines virtual currencies as […]

3.4 Money service business and use of prepaid cards A combination of features make bureaux de change and prepaid cards attractive to criminals; they predominantly involve lower value, cash-denominated transactions with prepaid cards in particular facilitating cross-border movement of funds. The FATF has identified a number of money exchange indicators relating to transactions, customer profile […]

3.2 Corruption In the past six years there has generally been a steady increase in the number of SARs citing corruption as the suspected criminality. The first quarter of 2014 suggests that a sharper rise in this trend is currently taking place. Forty-four SARs cited corruption as the suspected criminality in this period compared with […]

3 Money laundering typologies in Jersey The typologies and warning indicators outlined below are intended to: inform relevant persons about the various methods and techniques criminals may employ to launder the proceeds of their illicit activity; identify areas that require further attention and help relevant persons to identify higher risk activities that necessitate monitoring or […]

2 Methodology As part of a previous review of typologies, the Strategy Group focused heavily on convictions before the Royal Court.3 However, cases brought to court are a small proportion of SARs made to the JFCU and, to be fully representative of the forms of criminal activity suspected, further information is taken into account in […]

1 Introduction Jersey’s legislative and regulatory strategy to counter money laundering and the financing of terrorism is overseen by the Chief Minister’s Department, and is assisted by the Strategy Group, which consists of representatives from a number of relevant agencies including the Law Officers’ Department, the JCIS, the JFCU (incorporating Jersey’s financial intelligence unit), and […]

​​​In January 2015, the Jersey Financial Crime Strategy ​Group published a further document entitled “Money Laundering Typologies and Trends​ Jersey”. This followed on from the 2008 typologies report. This document is again designed to raise awareness of typologies that are relevant to Jersey, focusing on corruption, and the abuse of bureaux de change, money transmitters and prepaid cards. […]