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Consultation period extended

08 February 2008

The Chief Minister has agreed to extend the consultation period on the proposal to require non-profit organisations (NPOs) to register with the Jersey Financial Services Commission and provide evidence that their funds are not being used to fund terrorism.

The consultation period was due to close today but this has now been extended to Friday 22 February and the lodging of the new law has been deferred to the end of March at the latest.

Initial responses have been taken on board and several aspects are already being reviewed and amended. These include:

• Fees will be waived.
• Reassurance that the regulation will apply an extremely light touch to the majority of NPOs and certainly to those who raise and disburse funds purely within the Island.
• Adequate protection to individuals involved in NPOs to ensure that they cannot accidentally fall foul of the law.

There has never been an intention, nor is it intended, to publicly disclose individual donations.

The Chief Minister, Senator Frank Walker says, "We all know that in some countries charities have been used for terrorist funding. We are all committed to make sure that this does not happen in Jersey. This legislation is also necessary so that Jersey continues to be recognised as an international finance centre of repute. Now that we have received some early responses it is clear that we need to allow everyone sufficient time to consider the issues raised.

We have already made some amendments to the proposed law and local organisations can be confident that we will continue to listen to concerns and comments".


Notes to Editors:

For further information, please contact Senator Frank Walker on Tel: 40435.

1. The proposals in the consultation paper have been made on the recommendation of the Anti-Money Laundering/Countering the Financing of Terrorism Strategy Group (AML/CFT Strategy Group) and would bring Jersey into line with current international standards in this area.

2. The AML/CFT Strategy Group was established to coordinate Jersey’s response to the threat of financial crime and terrorism. It has also assisted with the preparation for this year’s review of Jersey’s performance as a financial centre that will be conducted by the International Monetary Fund (IMF).

3. The AML/CFT Strategy Group is chaired by Bill Ogley, Chief Executive to the Council of Ministers, and includes officers from the following government departments and other Island agencies: Chief Minister’s Department, Economic Development Department, Law Officers’ Department, Joint Financial Crimes Unit, Jersey Financial Services Commission and Shadow Gambling Commission.

4. The purpose of the AML/CFT Strategy Group is to provide a forum for the Island agencies represented on the group to liaise, discuss and develop coordinated strategies and policies to enhance Jersey’s capability to prevent and detect financial crime and terrorist financing.

5. The Jersey Financial Services Commission provides the secretariat for the AML/CFT Strategy Group.

6. The IMF is visiting Jersey in October 2008. The purpose of the visit is to assess the Island against international AML/CFT standards, as well as against international standards for the banking, insurance and securities sectors.

7. The proposals set out in the consultation paper are intended to implement Special Recommendation VIII – issued by the Financial Action Task Force.

8. A NPO is a person or body that primarily engages in raising or disbursing funds for purposes such as charitable, religious, cultural, educational, social or fraternal purposes, or for the carrying out of other types of “good works”.

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