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Amendment to Community Provisions (Wire Transfers) (Jersey) Regulations 2007 (“principal Regulations”) to complete implementation in Jersey of Financial Action Task Force SRVII on wire transfers.

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 (12/11/2007) regarding: Amendment to Community Provisions (Wire Transfers) (Jersey) Regulations 2007 (“principal Regulations”) to complete implementation in Jersey of Financial Action Task Force SRVII on wire transfers.

Decision Reference: MD-TR-2007-0117

Decision Summary Title:

Community Provisions (Wire Transfers) (Amendment) (Jersey) Regulations 2007 (“amending Regulations”)

Date of Decision Summary:

12 November 2007

Decision Summary Author:

Andrew Le Brun

Decision Summary:

Public or Exempt?

Public

Type of Report:

Oral or Written?

Written

Person Giving

Oral Report:

 

Written Report

Title:

Implementation of FATF SRVII on wire transfers

Date of Written Report:

7 November 2007

Written Report Author:

Andrew Le Brun

Written Report :

Public or Exempt?

Public

Subject: Amendment to Community Provisions (Wire Transfers) (Jersey) Regulations 2007 (“principal Regulations”) to complete implementation in Jersey of Financial Action Task Force SRVII on wire transfers.

Decision(s): The Minister agreed to lodge the amending Regulations au Greffe in order to complete the Island’s implementation of FATF SRVII on wire transfers and instructed officers to make the necessary arrangements.

Reason(s) for Decision:  

  • To complete the Island’s implementation of FATF SRVII on wire transfers - by introducing oversight provisions into the principal Regulations and specifying which contraventions of the principal Regulations will constitute offences.
  • To facilitate the continued use of BACS by individuals and businesses for making transfers between Jersey and the UK – through the introduction of oversight and offence provisions that are equivalent to the United Kingdom (“UK”).

Resource Implications: The amending Regulations are not expected to have any material impact on the financial or manpower resources of the States, given that: 

  • requirements contained in the principal Regulations will be “self-policed” – on the basis that outgoing wire transfers that do not include complete information will likely be rejected by the payment service provider of the beneficiary of the transfer;
  • the Jersey Financial Services Commission will have responsibility for monitoring compliance with the Regulations; and
  • regulatory sanctions will also be available for use under the Financial Services (Jersey) Law 1998 – since payment service providers must be registered with or known to the Commission.

 

Whilst the principal Regulations provide that the omission of complete information in a transfer must be a factor in assessing whether or not another person is engaged in money laundering or terrorist financing, this is a factor that will be taken into account by a payment service provider in reporting obligations that are already established, or due to be established, under other enactments. 

The availability of complete information in each wire transfer is likely to assist law enforcement.

Action required:  Liaison with the Greffier of the States to arrange for lodging au Greffe of the amending Regulations.

Signature: 
 

Position: Senator Terry Le Sueur, Treasury and Resources Minister

Date Signed: 12th November 2007

Date of Decision: 12th November 2007

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