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Jersey Financial Services Commission Civil Penalties Extension

DepartmentOffice of the Chief Executive
Start date07/07/2021
End date01/09/2021
Type of consultationWhite paper
Deadline for comments01/09/2021

About the consultation

Proposals to amend the powers available to the Jersey Financial Services Commission (JFSC) to impose fines on the firms and individuals they regulate who failed to comply with Jersey's anti-money-laundering and terrorist financing legislation.

We are particularly seeking feedback from those firms and individuals, and an industry response will be submitted by Jersey Finance Limited.

Consultation on amendments under the Financial Services Commission (Jersey) Law 1998 regarding the civil financial penalties regime

The amendments

The intention of the proposed amendments is to increase the effectiveness, proportionality, and dissuasiveness of the existing civil financial penalties regime.

Its aim is to discourage firms and individuals from breaching the provisions of the regulatory regime in Jersey. These amendments demonstrate Jersey's long-term commitment to the global fight against financial crime and creating a dissuasive environment locally.

The draft amendments look to expand the scope of the existing penalties regime and specifically extend the regime to designated non-financial businesses such as lawyers, accountants and estate agents.

The amendments proposed would bring the directors and senior management into the scope of the regime meaning that they can be liable for fines personally.

The draft legislation

Draft Financial Services Commission (Amendment No. 8) (Jersey) Law 202-
Draft Financial Services Commission (Financial Penalties) (Amendment No. 2) (Jersey) Order 202-

Jersey Financial Services Commission review

A separate consultation is being run by the Jersey Financial Services Commission in tandem with this Government consultation. 

The JFSC consultation concerns proposed changes to streamline the decision-making process for imposing regulatory sanctions. The changes are designed to make the process quicker and less complex, as well as reduce costs for the JFSC, businesses and individuals.

You can access the JFSC consultation on the JFSC website.

Public meeting dates

You can find out more about both the Government and JFSC consultations by watching the event which was held on Wednesday 21 July 2021.

The session aimed to provide businesses and individuals with greater context around the proposals and the chance for open dialogue before submitting their official feedback.

Watch a recording of the event on YouTube

How to submit comments to the consultation

It is recommended that you download, complete, and submit this consultation document.

​You can submit your comments to Dr Bastian Hertstein:

By email: b.hertstein@gov.je

By post:
Government of Jersey
Financial Crime Strategy
Department for the Economy
19-21 Broad Street
St Helier
Jersey
KE2 3RR

Industry submission

Jersey Finance will be collating an industry response. To contribute, contact Lisa Springate:

By email: lisa.springate@jerseyfinance.je

By post:
Jersey Finance Limited
4th Floor
Sir Walter Raleigh House
48-50 Esplanade
St Helier
Jersey


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