The Council of Europe’s anti-money laundering watchdog said that Cyprus banks seem to have made significant progress in banking checks and will report on its next assessment in September. Money laundering – the process through which criminals give an apparently legitimate origin to proceeds of crime – is an expanding and increasingly international phenomenon. Current […]

Introduction The reform of Jersey’s anti-money laundering (AML) practices and laws has been high on the legislative agenda, particularly after Jersey became a member of the Committee of Experts on the Evaluation of Anti-money Laundering Measures and the Financing of Terrorism (Moneyval) in 2012. Moneyval is the EU body tasked with ensuring that member states […]

IN May 10, 2013 Pursuant to the tasks listed in the terms of reference for the third party Anti-Money Laundering (“AML”) audit of the effective implementation of customer due diligence (CDD) measures with particular reference to deposits and loans (see attached – Annex 1), MoneyVal and Deloitte provided final reports on the credit sector’s overall […]

MoneyVal The aim of MoneyVal is to ensure that member states have in place effective systems to counter money laundering and terrorist financing and comply with the relevant international standards in these fields. MoneyVal assesses its members’ compliance with all relevant international standards in the legal, financial and law enforcement sectors through a peer review […]

European assessors are in Jersey to ensure banks, trusts and crime units have the right systems in place to detect money laundering and financing of terrorism. Independent experts from MoneyVal are analysing whether the island’s systems are up to scratch. There are 35 banks, 150 trust companies and 500 investment funds in Jersey. The island […]

Mourant Ozannes briefing talks about MONEYVAL’s impending visit, this quarter Important developments for the regulation of financial services in Jersey. The new Financial Services Ombudsman and further information relating to funding and composition of the board are imminent. Anti-money laundering regulations and the Jersey Financial Services Commission (JFSC) proposes to publish a series of further […]

Jersey is to be assessed by MONEYVAL (a body of the Council of Europe) in respect of the Island’s compliance with international Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) standards, set by the Financial Action Task Force (FATF). Most recently, the MONEYVAL plenary (December 2013) considered the Island’s progress against the recommendations contained […]

On 20/06/2014 the Jersey Financial Services Commission (the “Commission”) 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 […]