11 June 2021
The Government of Jersey has begun to engage the financial services industry in discussions about amendments to the Island's financial crime strategy.
The financial crime strategy is designed to ensure that Jersey meets international standards set by the Financial Action Task Force (FATF) for preventing organised crime, corruption and terrorism, and the harm they cause to society. Next year, FATF's regional organisation, MONEYVAL, will begin assessing Jersey's compliance against those standards.
On Monday, the Minister for External Relations and Financial Services, Senator Ian Gorst, hosted a briefing at which Jersey's financial services trade associations were given an overview of the activity which was required in preparation for the assessment.
"Jersey was last assessed by MONEYVAL in 2015, and that evaluation was one of the success stories upon which our international reputation has been built," Senator Gorst said, "but the standards against which Jersey will now be assessed are completely different.
"Over the next 18 months there will be a great deal of work, encompassing policy, legislation and procedures, where there will be a lot of change, particularly in the areas of risk understanding, supervision, enforcement action, criminal prosecution and confiscation. This is to ensure Jersey is appropriately prepared for the MONEYVAL process and in order to meet Government's commitment to support the global fight against financial crime and illicit finance.
"There are many opportunities to demonstrate our best qualities – for the industry, Government, and the competent authorities – to work together to identify these opportunities and develop the regime in preparation for a successful MONEYVAL assessment, but it will require a coordinated approach."
Senator Gorst told the briefing that, while much progress had been made over the years in Jersey's efforts to combat financial crime, many of these upcoming reforms will represent a distinct change in the way in which financial crime policy is delivered, as that is what the new FATF standards require, and what Jersey is held accountable to by the international community.
Monday's event was organised through Jersey Finance, and involved the Government, the States of Jersey Police (SoJP), and the Jersey Financial Services Commission (JFSC), presenting the actions that should be expected by the industry in order to ensure that Jersey continues to meet international standards.
"This is the start of an ongoing dialogue with the financial services industry which will involve greater, and more wide and regular engagement not only on developments in Jersey's financial crime strategy, but also our strategy for developing and supporting the industry. Many people are already involved, and I would like to thank them for their ongoing efforts and co-operation, which will secure long-term prosperity for Jersey."