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An Island Strategy to Counter Money Laundering and the Financing of Terrorism 2008 (updated in 2011)

Produced by the Office of the Chief Executive
Authored by Financial Crime Strategy Group and published on 01 Oct 2008
Prepared internally, no external cost

Summary

​​​​​In October 2008, the Jersey Financial Crime Strategy Group (JFCSG) published its first Island Strategy to Counter Money Laundering and the Financing of Terrorism (the strategy). This formal document outlined the key Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) vulnerabilities that the FCSG considered were faced in the Island at that time.

The JFCSG carried out regular reviews of the strategy document, including vulnerabilities and goals identified in it, to ensure that the document remained current and relevant.

The strategy was last updated in May 2011 to include a new vulnerability. This vulnerability had emerged from the increasing tendency of banks, trust companies and others in the financial sector to seek business in new markets, including countries that are considered to present higher money laundering and terrorist financing risks.

In summary, the goals set are to raise awareness of:

  • ​​​​statutory AML / CFT obligations in those sectors considered to have lower awareness
  • money laundering and financing of terrorism typologies that are relevant to Jersey
  • the importance of considering the issues involved in dealing with higher risk countries
Ahead of starting a full NRA in 2015, the Joint Financial Crimes Unit (JFCU) and Jersey Financial Services Commission periodically reports to the JFCSG on emerging risks and trends.

Download An Island Strategy to Counter Money Laundering and The Financing of Terrorism report (size 285kb)​


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