Jersey’s National Strategy for Combatting Financial Crime

Overview

Jersey has had a long-term commitment to preventing and eliminating financial crime. The purpose of the national strategy and action plan is to clearly document Jersey’s position in supporting international efforts in the fight against all forms of financial crime and areas of focus to increase effectiveness.

This financial crime strategy sets out the vision, strategy and action plan for combatting:

• money laundering
• financing of terrorism
• proliferation financing

The vision helps shape the strategic priorities, which align with the findings of the national risk assessments.

The risk appetite defines what risks are accepted and which are not and the overall risk is removed or reduced via the actions in the plan. The national strategy is published alongside the National Risk Assessments and the National Risk Appetite. Overall these contribute to one single National Financial Crime Workplan.

Industry should consider this strategy document when reviewing business risk assessments (BRAs).

Executive Summary: National Strategy for Combatting Money Laundering, the Financing of Terrorism, and the Financing of Proliferation of Weapons of Mass Destruction

National Strategy for Combatting Money Laundering, the Financing of Terrorism, and the Financing of Proliferation of Weapons of Mass Destruction

Launch of National Strategy for Combatting Financial Crime

Julian Gouge, the author of the report, speaks about the consultation with industry which helped inform the strategy, how it relates to the National Risk Appetite and ongoing Risk Assessments, and how businesses can use it to improve their own strategy to combat financial crime.

Next steps

The strategy contains an action plan which lists the activities which will be undertaken in order to achieve the strategic priorities.

Progress against the strategy and action plan will be monitored via the Political Steering Group, which provides oversight. 

The strategy will be reviewed: 

• every 2 years
• if a global event creates a trigger of sufficient materiality, such as the Russian invasion of Ukraine in 2022
  
• an NRA identifies a significant new risk or threat that had not been previously considered and is deemed a systemic, critical threat to Jersey

The review will consist of a reassessment of the strategic priorities and updated actions which are required to mitigate current risks.

2023 Action Plan update

In September 2022, the Government of Jersey published its inaugural National Strategy for Combatting Money Laundering, the Financing of Terrorism and the Financing of Proliferation of Weapons of Mass Destruction. Within Chapter 9, the Action Plan sets out 33 individual actions, categorised along seven Strategic Priorities, which set out the commitments of Government and competent authorities.

The progress of the Action Plan is continuously monitored by the Financial Crime Political Steering Group (PSG), Jersey's the highest governance body on financial crime matters.

This document provides a progress update on each of the individual actions, twelve months after the publication of the National Strategy.

2023 Action Plan Progress Update - National Strategy ML-TF-PF.pdf