Skip to main content Skip to accessibility
This website is not compatible with your web browser. You should install a newer browser. If you live in Jersey and need help upgrading call the States of Jersey web team on 440099.
Government of Jerseygov.je

Information and public services for the Island of Jersey

L'înformâtion et les sèrvices publyis pouor I'Île dé Jèrri

  • Choose the service you want to log in to:

  • gov.je

    Update your notification preferences

  • one.gov.je

    Access government services

  • CAESAR

    Clear goods through customs or claim relief

  • Talentlink

    View or update your States of Jersey job application

Financial Services Commission (Amendment No. 8) (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.

Ministers are elected by the States Assembly and have legal responsibilities and powers as “corporation sole” under the States of Jersey Law 2005 by virtue of their office and in their areas of responsibility, including entering into agreements, and under any legislation conferring on them powers.

An accurate record of “Ministerial Decisions” is vital to effective governance, including:

  • demonstrating that good governance, and clear lines of accountability and authority, are in place around decisions-making – including the reasons and basis on which a decision is made, and the action required to implement a decision

  • providing a record of decisions and actions that will be available for examination by States Members, and Panels and Committees of the States Assembly; the public, organisations, and the media; and as a historical record and point of reference for the conduct of public affairs

Ministers are individually accountable to the States Assembly, including for the actions of the departments and agencies which discharge their responsibilities.

The Freedom of Information Law (Jersey) Law 2011 is used as a guide when determining what information is be published. While there is a presumption toward publication to support of transparency and accountability, detailed information may not be published if, for example, it would constitute a breach of data protection, or disclosure would prejudice commercial interest.

A decision made on 2 December 2021

MINISTERIAL DECISION REFERENCE:     MD-ER-2021-0062

DECISION SUMMARY TITLE:  Draft Financial Services Commission (Amendment No.8) (Jersey) Law 202-  decision to lodge “au Greffe”.

DECISION SUMMARY AUTHOR:

Associate Director of Financial Crime Strategy

IS THE DECISION SUMMARY PUBLIC OR EXEMPT?  

Public

REPORT TITLE:   Amendments under the Financial Services Commission (Jersey) Law 1998 regarding the civil financial penalties regime.

REPORT AUTHOR OR NAME OF PERSON GIVING REPORT: 

Associate Director of Financial Crime Strategy

IS THE REPORT PUBLIC OR EXEMPT

Public

DECISION AND REASON FOR THE DECISION:

The Minister for External Relations and Financial Services approved for lodging “au Greffe” the draft Financial Services Commission (Amendment No.8) (Jersey) Law 202-. 

The draft Law proposes amendments under the Financial Services Commission (Jersey) Law 1998 regarding the civil financial penalties regime.

The Law Amendment looks to extend the existing civil financial penalties regime already available to the Jersey Financial Services Commission, to deal with natural or legal persons which fail to comply with anti-money laundering and countering the financing of terrorism requirements and that the regime is applicable to financial institutions as well as Designated Non-Financial Businesses and Professions, and to their senior management, including principal and key persons. Should the Law Amendment be approved by the Assembly, the Minister intends to make the Draft Financial Services Commission (Financial Penalties) (Amendment No. 2) (Jersey) Order 202- (the “Order Amendment”).

The combination of the Law Amendment and the Order Amendment will increase the overall effectiveness, proportionality, and dissuasiveness of the existing civil financial penalties regime. Furthermore, implementing both amendments will help to align the existing regime with international standards, especially FATF Recommendation 35, and best practices whilst providing for fairer and more equitable enforcement action outcomes.

RESOURCE IMPLICATIONS: 

There are no other resource implications for the Government of Jersey.

ACTION REQUIRED: 

The Greffier of the States is requested to arrange for the draft Law to be lodged au Greffe for debate by the States at the earliest opportunity.

SIGNATURE:

 

 

SENATOR IAN GORST

POSITION:

 

 

MINISTER FOR EXTERNAL RELATIONS AND FINANCIAL SERVICES

 

 

DATE SIGNED:     

EFFECTIVE DATE OF THE DECISION (if different)

Back to top
rating button