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Financial crime

​​​​​​Countering financial crime i​n 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 Standards on Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) set by the Financial Action Task Force (FATF). Find out more on the FATF web​site​.

Responsibilities for countering financial crime​​

Authority Responsible for
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 AffairsPolice and Customs in respect of financial crime and the Terrorism (Jersey) Law 2002
Minister for Economic Development, Tourism, Sport and CulturePassing and amending gambling legislation
Jersey Financial Services CommissionLicensing, 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 PolicePolicing Jersey along with the honorary police
Customs and Immigration ServicePolicing 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 CommissionLicensing, registration and regulation of gambling
Attorney GeneralThe 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 DepartmentAdministering the Criminal Offences Confiscation Fund, which exists to hold the confiscated proceeds of criminal activity

  
National risk assessment (NRA) on money laundering and terro​​rist financing​​​​

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."

Jersey conducted its first National Risk Assessment of Money Laundering between 2017 to 2019. It was published in September 2020.

Jersey will continue to assess ML risk on an ongoing basis with updates published on gov.je.

Jersey will publish a NRA of Terrorist Financing in 2021.

The first ML NRA utilised an assessment 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 MONEYV​AL 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 financle 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 Launder and the Financing of Terrorism 2008 (updated in 2011)


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