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Proceeds of Crime (Supervisory Bodies) (Amendment) (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 14 May 2021

MINISTERIAL DECISION REFERENCE:    MD-ER-2021-0032

DECISION SUMMARY TITLE:   Draft Proceeds of Crime (Supervisory Bodies) (Amendment) (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:  Draft Proceeds of Crime (Supervisory Bodies) (Amendment) (Jersey) Law 202-

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 amendment to the Proceeds of Crime (Supervisory Bodies) (Jersey) Law 2008, to insert Article 8A (Duty of Supervisory Body to use a Risk-based approach), contained in Draft Proceeds Of Crime (Supervisory Bodies) (Amendment) (Jersey) Law 202- , together with the attached report.

 

If approved by the Assembly, the Proceeds of Crime (Supervisory Bodies) (Jersey) Law 2008 will be amended to include:

 

  1. a definition for “risk-based approach”

 

“determining the scrutiny that a supervised person or supervised business requires on the basis of–

a)      the ML/TF risks and the policies, internal controls and procedures associated with the supervised person or supervised business, as identified by the supervisory body’s assessment of the supervised person’s or supervised business’s risk profile;

b)      the ML/TF risks present in the jurisdiction in which the supervised person or supervised business is based;

c)       any other characteristic of the supervised person or supervised business that the supervisory body reasonably considers to be relevant.”

 

  1. a requirement that in performing its obligations under Proceeds of Crime (Supervisory Bodies) (Jersey) Law 2008, a supervisory body must use a “risk-based approach”

 

  1. a requirement that the supervisory body must take account of the International Standards on Combating Money Laundering and the Financing of Terrorism and Proliferation published by the Financial Action Task Force, in devising a risk profile for a supervised person or a supervised business.

 

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 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)

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