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Proceeds of Crime (Supervisory Bodies) (Jersey) Law 2008 (Appointed Day) Act 200-

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A decision made to approve the Appointed Day Act for the Proceeds of Crime (Supervisory Bodies) (Jersey) Law 2008.

Decision Reference:    MD-E-2008-0163 

Decision Summary Title:

Proceeds of Crime (Supervisory Bodies) (Jersey) Law 2008 (Appointed Day) Act 200-

Date of Decision Summary:

19 August 2008

Decision Summary Author:

Stephen de Gruchy, Senior Manager -International & Policy Division,

Jersey Financial Services Commission

Decision Summary:

Public or Exempt?

Public

Type of Report:

Oral or Written?

Written

Person Giving

Oral Report:

 

Written Report

Title:

Proceeds of Crime (Supervisory Bodies) (Jersey) Law 2008 (Appointed Day) Act 200-

Date of Written Report:

19 August 2008

Written Report Author:

Stephen de Gruchy, Senior Manager -International & Policy Division,

Jersey Financial Services Commission

Written Report :

Public or Exempt?

Public

Subject:

Appointed Day Act to bring into force the Proceeds of Crime (Supervisory Bodies) (Jersey) Law 2008.

 

Decision(s):

 

The Minister:

 

1)      agreed to lodge the draft Proceeds of Crime (Supervisory Bodies) (Jersey) Law 2008 (Appointed Day) Act 200-; and

2)      instructed officers to make the necessary arrangements for the Act to be lodged au Greffe at the earliest opportunity in time for debate during the session of the States commencing on 8 September 2008;

3)      instructed officers to request the States Greffe to place the Act on the order paper after Projets P119 [“Proceeds of Crime (Amendment of Schedule 2) (Jersey) Regulations 200-”] and P121 [“Proceeds of Crime (Supervisory Bodies) (Amendment of Law) (Jersey) Regulations 200-”].

 

Reason(s) for Decision:  

 

The Proceeds of Crime (Supervisory Bodies) (Jersey) Law 2008 (P29/2008) was adopted by the States on 2 April 2008. The Law provides for one or more supervisory bodies to monitor and ensure compliance by all persons subject to Schedule 2 of the Proceeds of Crime (Jersey) Law 1999 with legislation in place in Jersey to counter money laundering and the financing of terrorism. In the first instance at least, the Jersey Financial Services Commission will be the sole supervisory body.

 

The Law will enable the Island to meet certain standards set by the Financial Action Task Force, the international body responsible for setting standards for the countering of money laundering and the financing of terrorism.

 

Resource Implications: None.

 

Action required:

 

Attached proposition and report to be sent to the Publications Editor of the Greffe by a Treasury officer  with a request that:

1)      it be lodged at the earliest opportunity in time for debate during the session of the States commencing on 8 September 2008; and

2)      the Act be placed on the order paper after Projets P119 [“Proceeds of Crime (Amendment of Schedule 2) (Jersey) Regulations 200-”] and P121 [“Proceeds of Crime (Supervisory Bodies) (Amendment of Law) (Jersey) Regulations 200-”].

 

Signature:

 

 

 

 

Position: Senator T A Le Sueur, Minister for Treasury and Resources

 

On behalf of

 

Senator P Ozouf, Minister for Economic Development                 

 

Date Signed:

 

 

 

Date of Decision:

 

 

 

 

 

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