|Department||Department for the Economy|
|Type of consultation||Other|
|Deadline for comments||21/02/2022|
About the consultation
The Government of Jersey proposes the creation of a failure-to-prevent money laundering and terrorist financing offence which is to take effect by an amendment to the Proceeds of Crime (Jersey) Law 1999. It is a corporate criminal offence which captures the activity of regulated businesses. The introduction is considered necessary to enhance the overall effectiveness of the anti-money laundering (AML) and countering the financing of terrorism (CFT) enforcement in the jurisdiction.
The offence would address some issues arising from the identification doctrine and thus enable a more appropriate attribution of criminal liability with regards to corporate bodies. This would enhance the overall effectiveness and dissuasiveness of the sanctions available to the Royal Court. However, because the requirements to prevent money laundering and terrorist financing already exist for the AML-regulated sector, this increase in effectiveness can be achieved without extending existing requirements or introducing any new requirements for the sector, whereas the introduction of failure-to-prevent offences similarly to the UK would create new obligations.
Finally, considering the different stages of the money laundering process and given that Jersey is more exposed to the layering stage, the introduction of the offence is considered beneficial to enable prosecutions consistent with the country’s threats and risk profile, in line with the FATF Methodology.
Draft Proceeds of Crime (Amendment No. 5-6) (Jersey) Law 202-
Consultation on amendments under the Proceeds of Crime (Jersey) Law 1999
How to submit comments to the consultation
The consultation is now closed.
Responses to the consultation
Consultation response document
Response Paper - Consultation on amendments under the Proceeds of Crime (Jersey) Law 1999