Countering financial crime in Jersey
Jersey is one of the world's leading international finance centres at the forefront of global finance for over 50 years. The Government of Jersey is committed to upholding international standards in the area of financial crime.
Jersey follows the Recommendations on Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) set by the Financial Action Task Force (FATF).
Assessments on countering financial crime
Jersey is assessed by MONEYVAL, a body of the Council of Europe, which is tasked with assessing a number of European jurisdictions on their compliance with the FATF Recommendations. Guernsey and the Isle of Man are also assessed by MONEYVAL.
'What is MONEYVAL' from the JFSC website
Jersey had a fourth round assessment of its compliance with the 2003 FATF recommendations by MONEYVAL in January 2015.
The report by MONEYVAL was adopted at the MONEYVAL plenary session on 9 December 2015, and published along with the following press release from the Council of Europe on 24 May 2016.
Press release on the Council of Europe website
Report on fourth assessment visit: anti-money laundering and combating the financing of terrorism (Jersey) from the Council of Europe website
In response to the release of the report, we published the following press release and summary document with the Jersey Financial Services Commission and the Law Officers’ Department.
MONEYVAL press release from JFSC website
Jersey MONEYVAL report summary from the JFSC website
Before joining MONEYVAL in 2012, Jersey was assessed by the International Monetary Fund (IMF).
You can find details of previous assessments, including a progress report on Jersey's third round assessment published by MONEYVAL in December 2013, on the Jersey Financial Services Commission website.
Evaluations on the Jersey Financial Services Commission website
The Jersey Financial Crime Strategy Group (JFCSG)
The strategy group is comprised of representatives from the following authorities:
- Chief Minister's Department (Chair)
- Home Affairs Department
- Ministry of External Relations
- Treasury and Resources Department
- Law Officers' Department
- Law Draftsman's Office
Jersey Financial Services Commission
States of Jersey Police
Customs and Immigration Service
Joint Financial Crimes Unit
Jersey Gambling Commission
JFCSG terms of reference
Communiqué - JFCSG 2017-2019 priorities statement 25 May 2017
JFCSG press release - Jersey committed to global fight against financial crime 25 May 2017
Ministerial responsibility for countering financial crime
The prevention of financial crime in the jurisdiction is one of the Chief Minister's key priorities.
The Chief Minister is advised on the structure of the Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) framework for Jersey by the Jersey Financial Crime Strategy Group (JFCSG).
Through the JFCSG, a number of AML / CFT strategies and priorities for Jersey have been identified. The JFCSG also publishes information designed to help identify the risks to Jersey businesses in the finance sector to assist in the prevention of the laundering of the proceeds of criminal activities.
You can read about these in the reports below.
An Island Strategy to Counter Money Launder and the Financing of Terrorism 2008 (updated in 2011)
Money Laundering Typologies and Trends 2008
Money Laundering Typologies and Trends 2015
Responsibilities for countering financial crime
Each of the members of the JFCSG has a role in combatting financial crime.
|Chief Minister||Determining the Island's approach to AML and CFT|
|Minister for Home Affairs||Police and Customs in respect of financial crime and the Terrorism (Jersey) Law 2002|
|Minister for External Relations||Compliance with the Common (Foreign) Policy of the Council of Ministers, including United Nations and EU financial sanctions and the fulfilment of the Island's international treaty obligations|
|Minister for Economic Development, Tourism, Sport and Culture||Passing and amending gambling legislation|
|Jersey Financial Services Commission||Licensing, registration and supervision of financial institutions and other businesses and professions for compliance with AML / CFT legislation and regulatory requirements. Also operates Jersey's Companies Registry and hosts the Islands Security Interests Register|
|States of Jersey Police||Policing Jersey along with the honorary police|
|Customs and Immigration Service||Policing the Island's border and providing officers that sit within the Drugs Proceeds Confiscation team of the JFCU|
|Joint Financial Crimes Unit (JFCU)||Receiving, analysing and distributing suspicious activity reports made under the Proceeds of Crime Law and Terrorism Law. Also responsible for creating confiscation reports, investigating money laundering, and the financing of terrorism. Works closely with the Law Officers' Department|
|Jersey Gambling Commission||Licensing, registration and regulation of gambling|
|Attorney General||The Law Officers' Department is Jersey's prosecution service and provides legal advice to the Crown and the States Assembly. The Law Officers' Department and the JFCU work closely together to identify cases for investigation|
|Treasury and Resources Department||Administering the Criminal Offences Confiscation Fund, which exists to hold the confiscated proceeds of criminal activity|
National risk assessment (NRA) on money laundering and terrorist financing
The next major review of AML/CFT strategies and priorities will take place when a NRA on money laundering and terrorist financing is undertaken in line with revised FATF Recommendation 1.
FATF Recommendation 1 deals with assessing risks and applying a risk-based approach:
"Countries should identify, assess, and understand the money laundering and terrorist financing risks for the country, and should take action, including designating an authority or mechanism to coordinate actions to assess risks, and apply resources, aimed at ensuring the risks are mitigated effectively."
The JFCSG will be using an assessment methodology developed by the World Bank to help undertake Jersey's NRA. Further information can be found in the following communiqué:
Communiqué - national risk assessment of money laundering and terrorist financing 3 October 2017
The Joint Financial Crimes Unit and Jersey Financial Services Commission periodically report to the JFCSG on emerging risks and trends.