Anti-money laundering consultations including non-profit organisations.
The Council of Ministers is considering extending the tools and controls which exist to prevent and protect Jersey from being used by money launderers or for financing terrorism.
This is part of the preparation for next year’s review of Jersey’s performance as a financial centre conducted by the International Monetary Fund (IMF). Representatives of the IMF will visit Jersey, Guernsey and the Isle of Man in 2008 and will assess how each complies with international standards in anti-money laundering and countering the financing of terrorism (AML/CFT).
The Council of Ministers has set up a Group, the AML/CFT Strategy Group, to provide a forum for the Island agencies represented on the group to liaise, discuss and develop coordinated strategies and policies to enhance Jersey’s capability to prevent and detect financial crime and terrorist financing. The AML/CFT Strategy Group will also oversee the preparations for the IMF visit.
The AML/CFT Strategy Group is chaired by the Chief Executive to the Council of Ministers and includes officers from the following government departments and other Island agencies: the Chief Minister’s Department, the Economic Development Department, the Law Officers’ Department, the Joint Financial Crimes Unit, the Jersey Financial Services Commission, and the Shadow Gambling Commission.
Much preparatory work has already been completed and more is planned in the coming months. The AML/CFT Strategy Group, with the approval of the Council of Ministers, issued two consultation papers in May 2007 on proposals to update and extend the Island’s AML/CFT framework, taking steps to comply with the latest international standards. A third consultation paper was issued in July 2007, suggesting further changes to be made in Jersey to bring the Island’s regulations into line with international AML/CFT standards.
A further Consultation Paper No 1 (2008) has been issued in January 2008 concerning introducing legislation to counter the use of non-profit organisations (NPOs) in terrorism.
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Link to News Release 24 May 2007 Consultation Paper No. 1 2007 -
Revision to the definition of financial services business 494Kb
Feedback to consultation No. 1Consultation Paper No. 2 2007 –
Overseeing compliance with legislation to prevent and detect money laundering and the financing of terrorism 414Kb
Feedback to consultation No. 2Link to News Release 31 July 2007 Consultation Paper No. 3 2007 –
Proposals to update Jersey’s AML/CFT framework 220Kb
Feedback to consultation No. 3Consultation Paper No 1 2008 -
Proposals to introduce legislation to counter the use of non-profit organisations (NPOs) in terrorism. 356Kb
Link to News Release 8 January 2008
Feedback on Consultation Paper No. 1 2008
Consultation Paper no.2 2008 -
Proceeds of Crime (Supervisory Bodies) (Jersey) Law 200-
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Feedback on Consultation Paper No. 2 2008
Paper copies of these consultation papers can be obtained from the States Bookshop, the Customer Services Centre and the Jersey Library.
To view PDF files you need the Adobe Acrobat Reader, the latest version can be freely downloaded here:
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Paper copies of these consultation papers can be obtained from the States Bookshop, the Customer Services Centre and the Jersey Library.To view PDF files you need the Adobe Acrobat Reader, the latest version can be freely downloaded here: (This will open in a new window)
Page Last Updated: 08/01/2008
