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Draft Proceeds of Crime (Amendment No. 7) (Jersey) Law 202-

A formal published “Ministerial Decision” is required as a record of the decision of a Minister (or an Assistant Minister where they have delegated authority) as they exercise their responsibilities and powers.

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A decision made on 8 March 2022

Decision Reference:  MD-ER-2022-139

Public

Subject: Draft Proceeds of Crime (Amd No. 7) (Jersey) Law 202- regarding the creation of a new corporate offence

 

Report Title: Draft Proceeds of Crime (Amendment No. 7) (Jersey) Law 202- regarding the creation of a new corporate offence

Public

Decision(s):

The Minister for External Relations and Financial Services lodged 'au greffe' the Draft Proceeds of Crime (Amendment No. 7) (Jersey) Law 202-

Reason for Decision(s):

This Law amends the Proceeds of Crime (Jersey) Law 1999 to introduce 2 new offences – failing to prevent a person associated with a financial services business committing an offence of money laundering and liability of a person for an offence committed by a financial services business when committed with the consent or connivance of that person. Article 1 introduces the amendments to the Proceeds of Crime (Jersey) Law 1999 (“the principal Law”). Article 2 inserts a new Article 35A into the principal Law which makes it an offence for a financial services business to fail to prevent a person associated with the financial services business committing an offence of money laundering. If the business was a corporate body the penalty was a fine. If the business was not a corporate body the penalty is a term of imprisonment not exceeding 2 years or a fine or both.

Resource Implications: None.

 

Action Required: The Greffier of the States is requested to arrange for the Amendment to be lodged au Greffe for debate by the States at the earliest opportunity.

Signature:

 

 

Signed By: Minister for External Relations and Financial Services

Date Signed:

 

 

Date of Decision (If different from Date Signed):

 

 

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