Money Laundering and Weapons Development (Directions) (Jersey) Law 201- – This law was adopted by the States on 1st November 2011.
The development of measures to restrict and prevent money laundering, the financing of terrorist acts or organisations, and development of weapons, where these pose a significant risk, remains an important objective.
This is particularly vital for Jersey in the area of international finance where the potential opportunity for money laundering, terrorist financing or assisting with the development or production of weapons, is a risk that must be guarded against.
The draft Money Laundering and Weapons Development (Directions) (Jersey) Law 201- is intended to introduce powers in Jersey similar to Schedule 7 of the UK Counter-Terrorism Act 2008.
The draft Law provides powers to the Chief Minister to give a direction to a person carrying on financial services business in or from within Jersey, or to any legal person that is established under Jersey law that is carrying on financial services business in any part of the world.
Such a direction may be given if –
- The FATF advises there is a risk of money laundering or terrorist financing in a country or territory;
- The Chief Minister reasonably believes
- that there is a risk that there is money laundering or terrorist financing in a country or territory, by the government of a country or territory, or by persons resident or incorporated in a country or territory that poses a significant risk to Jersey; or
- that the development or production of weapons in a country or territory, or anything that facilitates such development or production, poses a significant risk to Jersey.
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