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Risk assessment for money laundering and terrorist financing

03 October 2017

The Jersey Financial Crime Strategy Group (JFCSG) has announced it will conduct a national risk assessment of the threats posed to the Island by money laundering and terrorist financing.

The risk assessment is due to be completed by May/June 2019, when a report and action plan will be published. The Financial Action Task Force, which sets the global standards for financial crime, now requires all countries to identify, assess and understand the risks posed by money laundering and terrorist financing.

The JFCSG is a multi-departmental group that reports to the Chief Minister and is responsible for mitigating the risk of financial crime in Jersey. Its responsibilities involve coordinating risk assessments, reviewing and developing financial crime policies and legislation, and ensuring an appropriate risk-based application of resources.

Like many other jurisdictions in Europe, Jersey will be using a methodology developed by the World Bank to help its national risk assessment. This is designed to guide countries to design a more effective, risk-based regime to prevent money laundering and combat terrorist financing; to contribute to capacity building for money laundering, terrorist financing risks and data collection practices; and to raise awareness, trigger interaction and cooperation amongst stakeholders from government and the private sector.

In order to conduct the national risk assessment in an efficient and comprehensive manner, Andrew Le Brun has been seconded from the Jersey Financial Services Commission (JFSC) to the Chief Minister’s Department for the duration of the national risk assessment exercise.

Chair of the JFCSG, Richard Corrigan, said “While this is not the first time Jersey has considered money laundering and terrorist financing risks, the national risk assessment will be the most comprehensive assessment of these risks to date, and its conclusions will be instrumental in taking future policy decisions. We are pleased to be working very closely with the World Bank using an assessment methodology that has already been successfully applied in many other parts of Europe, including financial centres.”

Director General of the JFSC, John Harris, added “The national risk assessment calls for the collection of a significant amount of data from, and engagement with, the private sector. The assessment will highlight what risks exist and will complement the JFSC’s strategic goal of becoming a more agile and risk-based supervisor.”

The members of the Jersey Financial Crime Strategy Group are:

  • Chief Minister’s Department
  • Ministry of External Relations
  • Comptroller of Income Tax
  • Community and Constitutional Affairs Department
  • Law Officers’ Department
  • Jersey Financial Services Commission
  • States of Jersey Police
  • States of Jersey Customs and Immigration Service
  • Joint Financial Crimes Unit 
  • Jersey Gambling Commission
  • Law Draftsmen’s Office 

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