Draft Proceeds of Crime (Substitution of Schedule 2) (Jersey) Regulations 200-

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A decision made (20.09.07) to approve the draft Proceeds of Crime (Substitution of Schedule 2) (Jersey) Regulations 200-.

Decision Reference: MD-TR-2007-0097
Decision Summary Title:	Substitution of Schedule 2 to the Proceeds of Crime (Jersey) Law 1999 – in order to implement FATF Recommendations		Date of Decision Summary:	14th September 2007
Decision Summary Author:	Andrew Le Brun - (JFSC) Jersey Financial Services Commission		Decision Summary: Public or Exempt?	Public
Type of Report: Oral or Written?	Written		Person Giving Oral Report:	N/A
Written Report Title:	Andrew Le Brun – (JFSC) Jersey Financial Services Commission		Date of Written Report:	14th September 2007
Written Report Author:	Substitution of Schedule 2 to the Proceeds of Crime (Jersey) Law 1999 – in order to implement FATF Recommendations		Written Report : Public or Exempt?	Public
Subject: Substitution of Schedule 2 to the Proceeds of Crime (Jersey) Law 1999 – in order to implement FATF Recommendations
Decision(s): The Minister agreed to lodge the draft Proceeds of Crime (Substitution of Schedule 2) (Jersey) Regulations 200- and instructed officers to make the necessary arrangements.
Reason(s) for Decision: § To address the risk - identified internationally - that additional sectors are vulnerable to use in money laundering and terrorist financing. § To implement international standards in Jersey - in preparation for the IMF assessment in 2008. § To implement standards in a way that is consistent with the EU - in order to facilitate continued access of Jersey businesses to EU markets. § To remove a number of business activities from the scope of Schedule 2 – on the basis that there is a low risk of money laundering.
Resource Implications: Based on initial projections an additional two staff will be required (2 fte) for the Joint Financial Crimes Unit (JFCU) at an annual cost of £115,000 (as at June 2007 pay rates). The projections will be reviewed post implementation and additional resources sought if required.
Action required: Officers to undertake the necessary arrangements for the lodging of draft Regulations.
Signature:		Position: Senator Terry Le Sueur, Treasury and Resources Minister
Date Signed: 20th September 2007		Date of Decision: 20th September 2007