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National Risk Assessment: Money Laundering (2023)

This refresh updates the 2020 money laundering risk assessment to help stakeholders with their understanding of the threats levels and vulnerabilities of the Island. 

It updates the data and goes into further detail as regards banking, funds, TCSPs and the legal sector.

Update on the Jersey National Risk Assessment of Money Laundering

Overview of National Risk Assessment update 

The objectives are:

  • to review the money laundering (ML) threats and understand those threats in terms of the type of predicate offence, origin (domestic or international) and review the national vulnerability position along with four specific industry sectors.
  • to identify whether Jersey’s overall risk to ML has changed since publication of the 2020 National Risk Assessment of Money Laundering (2020 ML NRA)
  • to provide an update on the 2020 ML NRA residual risks and recommended actions
  • to set out the residual risks and associated recommended actions to be taken forward.
Update on the Jersey National Risk Assessment of Money Laundering

Why it's important to update the 2020 ML NRA

Risk understanding is not static. The update report builds on the risk understanding provided by the 2020 ML NRA and details actions taken to strengthen the control mechanisms.

National risk assessments continue to be a tool to allow all stakeholders to better understand the risk of Jersey being used by criminals to launder the proceeds of crime.

Key findings

Overall, substantial progress has been made in all areas considered:

  • of the 10 residual risks set out in the 2020 ML NRA
    • 2 have been fully addressed
    • 6 largely addressed, and
    • 2 partly addressed
  • due to the work undertaken over the past three years, the national vulnerability position is now a solid medium compared to borderline medium-high in 2020
  • the risk position of all four sectors remains unchanged, although there have been amendments to some inherent and control vulnerabilities; none have been significant enough to change the overall risk position
  • all those amendments in addressing vulnerabilities have strengthened our ability to combat money laundering

What happens next

Following this refresh, the 2020 residual risks and recommended actions have been refined to reflect the current ML risk position. Where appropriate, the recommended actions from this report will be added to the National Action Plan which forms part of the National Strategy and reported on regularly through the Government’s governance structure.

The National Action Plan involves Government, the regulator and the financial services industry working together to ensure that Jersey's defences against money laundering are as strong as they can be.

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