Financial Intelligence Unit – Jersey becomes operationally independent

27 July 2023

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The Financial Intelligence Unit – Jersey (FIU) has become an operationally independent organisation, separating from the States of Jersey Police (SoJP) and becoming the Island’s only dedicated intelligence agency.

The FIU is responsible for the receipt, analysis, and dissemination of financial intelligence, and holds a critical role in the international effort to combat illicit financial flows and abuse of Jersey’s financial services and economic position.

Financial intelligence is often provided by Jersey’s financial services industry through Suspicious Activity Reporting (SARs) and other reporting methods. In addition to strong industry links, the FIU works closely with competent authorities around the world to share information which could stop money laundering, terrorist financing or the funding of weapons proliferation.

The FIU has operated as part of the SoJP’s Joint Financial Crimes Unit but, following a change in legislation, now has a separate governance board and reports to Jersey’s Chief Minister via the Assistant Chief Minister with responsibility for Financial Services, Deputy Elaine Millar.

Jonathan Groom, who was recruited in February and has now been appointed Director of FIU, said: “This is a critical milestone for the FIU, the Government, and the Island not only in establishing the capability needed to support Jersey’s investigative and prosecutorial teams, but importantly to enable us to develop a clearer understanding of the financial crime risk we face both domestically and internationally.

“These legislative changes enable the FIU to become operationally independent so that we can grow our team, invest in new systems, and – most importantly – be able to autonomously focus our intelligence efforts to combat illicit financial flows and the Island’s position as an international finance centre.

“The key deliverables for the FIU are collaboration and adding value through intelligence insight, and we are focused on delivering a high performing and effective unit that meets the requirements of the many partners and stakeholders across the anti-financial crime landscape.”

Pursuant to the Proceeds of Crime (Financial Intelligence) (Jersey) Regulations 2015, the FIU is designated as the Financial Intelligence Unit for Jersey for the purposes of Article 41B of the Proceeds of Crime (Jersey) Law 1999.

Deputy Millar said: “This development is another demonstration of the Government of Jersey’s intention to follow international best practice and establish the FIU as an independent intelligence agency. We are committed to combatting financial crime and, in line with international standards, this is another step towards the FIU becoming fully independent and autonomous.”