20 September 2017
The Government of Jersey is seeking the views of interested parties on the introduction of a new civil forfeiture regime for Jersey to strengthen the Island’s regime to fight financial crime. This new legislation, if enacted, would create a civil forfeiture procedure that would apply to cash and assets held in bank accounts.
The proposed legislation and relevant consultation documents can be accessed online.
Forfeiture of civil assets public consultation
The consultation follows recommendations made in a 2016 report on Jersey by the Council of Europe’s MONEYVAL committee. Among its recommendations, the committee, which evaluates jurisdictions’ measures to combat money laundering and terrorist financing, suggested that Jersey might introduce a non-conviction-based confiscation regime in parallel with its current conviction-based system. The Government of Jersey, advised by the Financial Crime Strategy Group, has decided to act on this recommendation, particularly as the Financial Action Task Force recommendations and methodology (against which Jersey will be assessed in approximately 2021) place greater emphasis on how effectively jurisdictions are depriving individuals of illicit property.
The Chief Minister, Senator Ian Gorst, said “In our Financial Services Policy Framework, we stated our commitment to continue as a responsible member of the international community and to comply with international standards and global initiatives. This proposal to enhance our existing legislative regime is an example of us following through on this commitment by translating into action recommendations made by MONEYVAL’s following its assessment of the Island in 2015.
“Jersey is regarded as one of the most stable and successful international finance centres in the world and, working together responsibly, the Government, the regulator and the financial services industry must continue to uphold this reputation for the good of the Island.”
The consultation will close on 1 November 2017.