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Money Laundering (Amendment No.5) (Jersey) Order 2013

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.

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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While there is a presumption toward publication to support of transparency and accountability, detailed information may not be published if, for example, it would constitute a breach of data protection, or disclosure would prejudice commercial interest.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 August 2013:

Decision Reference: MD-C-2013-0084

Decision Summary Title :

Draft Money Laundering (Amendment No.5) (Jersey) Order 2013

Date of Decision Summary:

2 August 2013

Decision Summary Author:

 

Director,

Finance Industry Development

Decision Summary:

Public or Exempt?

(State clauses from Code of Practice booklet)

Public

Type of Report:

Oral or Written?

Written

Person Giving

Oral Report:

 

Written Report

Title :

Report to the Draft Money Laundering (Amendment No.5) (Jersey) Order 2013

Date of Written Report:

2 August 2013

Written Report Author:

Director,

Finance Industry Development

Written Report :

Public or Exempt?

(State clauses from Code of Practice booklet)

Public

Subject: Making of the Draft Money Laundering (Amendment No.5) (Jersey) Order 2013

Decision(s): The Minister made the Draft Money Laundering (Amendment No.5) (Jersey) Order 2013 (“the Order”)

Reason(s) for Decision: The Order further amends the Money Laundering (Jersey) Order 2008 (the “principal Order”), to align the principal Order with certain of the revised recommendations of the Financial Action Task Force on Money Laundering (“FATF”), and to clarify the application in certain circumstances of simplified or, as the case may be, enhanced customer due diligence (“EDD”) measures.

 

All of the changes made by the Order were consulted on during a consultation period by the Jersey Financial Services Commission which closed on 9 June 2013. When considering the Order, consideration has been given to the overall Anti-Money Laundering/ Countering the Financing of Terrorism environment, the upcoming future assessment of Jersey by MONEYVAL and Developments in the European Union in relation to a fourth Money Laundering Directive.

Resource Implications: There are no resource implications as a result of this decision.

Action required: That the Minister sign and seal the Order and it be returned to the States Greffe for immediate publication.

Signature:

 

 

 

 

Position:

 

 

 

Chief Minister

Date Signed:

 

 

Date of Decision (If different from Date Signed):

 

 

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