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L'înformâtion et les sèrvices publyis pouor I'Île dé Jèrri

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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 Recommendations 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​.

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, 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.

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

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 fina​ncial 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.

​Authority​Responsible for
​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 terro​​rist 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

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

The Joint Financial Crimes Unit and Jersey Financial Services Commission periodically report to the JFCSG on emerging risks and trends.​​

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