Jersey is to be assessed by MONEYVAL (a body of the Council of Europe) in respect of the Island’s compliance with international Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) standards, set by the Financial Action Task Force (FATF).

Most recently, the MONEYVAL plenary (December 2013) considered the Island’s progress against the recommendations contained in the International Monetary Fund’s 2009 report on the assessment of Jersey’s compliance with the then FATF 40 Recommendations on countering money laundering and 9 Special Recommendations on terrorist financing which assessment was carried out in 2008.

Since December 2013, the Island has been preparing for a MONEYVAL assessment which was due to culminate in a week-long on-site visit from a MONEYVAL assessment team in September 2014. In advance of this assessment the Island has completed and submitted to the MONEYVAL Secretariat, in line with their timetable, a detailed questionnaire along with statistics covering the period 2008 to Q1 2014. Following the Island’s submission MONEYVAL advised that there was a need for the assessment and accompanying on-site visit to be re-scheduled for early 2015.

The Financial Crime Strategy Group, who advise the Chief Minister on the Island’s AML/CFT policy, will continue to prepare for the assessment including the up-dating of the detailed questionnaire and the statistics.