Countering financial crime in Jersey
As one of the world's leading international finance centres, Jersey is committed to following the standards on Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) set by
the Financial Action Task Force (FATF).
The responsibilities for countering financial crime are shared by different Jersey agencies:
Minister for External Relations
Determining the Island's approach to AML/CFT
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 Home Affairs
Police and Customs in respect of financial crime and the Terrorism (Jersey) Law 2002
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
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 assessments (NRA) on money laundering and terrorist financing
FATF recommends that "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".
Jersey published its first:
Both assessments used methodology developed by the World Bank. During the NRA process, the following communiqués were issued:
Communiqué - national risk assessment of money laundering and terrorist financing 3 October 2017
Communiqué - national risk assessment of money laundering and terrorist financing 7 March 2018
Communiqué - national risk assessment of money laundering and terrorist financing 25 October 2018
Communiqué - national risk assessment of money laundering and terrorist financing 25 October 2019
Consultations on countering financial crime in Jersey
The Jersey Financial Crime Strategy Group published a consultation on Friday 27 July 2018 entitled ‘Implementation of the 2012 FATF Recommendations on Anti Money Laundering and Countering the Financing of Terrorism – proposed revisions to Jersey’s AML/CFT legal framework. The consultation closed on 30 September 2018. The Response to Consultation was issued on 3 June 2019.
Consultation Paper on Implementation of the 2012 FATF Recommendations
Response to Consultation on Implementation of the 2012 FAFT Recommendations
Assessments on countering financial crime
Jersey is assessed by MONEYVAL.
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 a press release from the Council of Europe on 24 May 2016.
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
Jersey will next be assessed by MONEYVAL against the 2012 FATF Recommendations and 2013 FATF Methodology in approximately 2023 with the report being finalised in 2024.
Previous documents concerning countering financial crime in Jersey
The following reports are previous reports relevant to financial crime prevention in Jersey:
Money Laundering Typologies and Trends 2008
Money Laundering Typologies and Trends 2015
An Island Strategy to Counter Money Laundering and the Financing of Terrorism 2008 (updated in 2011)