Jersey has a “mature and sophisticated regime for tackling money laundering and the financing of terrorism” according to the report published on 24 May 2016 by the Council of Europe’s Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL).
Setting out the Island’s position against a number, but not all, of the Financial Action Task Force (FATF) standards, the MONEYVAL report makes reference to the Island’s leading position regarding beneficial ownership transparency.
The MONEYVAL assessors highlight areas for improvement across the Island’s framework including addressing the relatively low number of money laundering convictions and confiscations.
The report recognises that the Jersey Financial Services Commission “has sufficient powers to effectively supervise financial institutions’ compliance with AML/CFT requirements. The staff of the Commission appears to be very professional. Supervision is conducted on a risk-sensitive basis, which enables the Commission to prioritise regulatory work and focus on higher-risk entities and situations.”
The findings of the comprehensive MONEYVAL evaluation, which included an on-site assessment of the Island in January 2015, covered certain aspects of the Island’s institutional, legislative and regulatory framework to deter money laundering and the financing of terrorism through financial institutions.
The full MONEYVAL Council of Europe 2015 report and an Executive Summary of the report outlining key findings are available on our website where you can also view the Council of Europe press release and the joint Government of Jersey and Jersey Financial Services Commission press release
Written by Peter Harrison
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May 27, 2016