On the 19 February 2010The Jersey Financial Services Commission (the “Commission”) has published a consultation paper on proposals for annual fees to be paid by Designated Non-Financial Businesses and Professions (“DNFBPs”) carrying on activities specified in Part B of Schedule 2 to the Proceeds of Crime (Jersey) Law 1999, as amended (the “Proceeds of Crime Law”). Such activities include certain business conducted by lawyers, accountants, estate agents, high value goods dealers (those dealers accepting payment in cash over €15,000) and some other businesses not otherwise covered by the four regulatory laws.
In Jersey, the Commission has been requested by the States of Jersey to monitor and ensure compliance by DNFBPs and, to this end, the Minister for Economic Development has designated the Commission as the supervisory body for DNFBPs. DNFBPs have been supervised for compliance with the Money Laundering (Jersey) Order 2008, as amended, and associated regulatory requirements, by the Anti-Money Laundering Unit of the Commission (the “AML Unit”).
This is in line with international standards set by the Financial Action Task Force (“FATF”), who encourage government
commitment to its standards for anti-money laundering and combating the financing of terrorism (“AML/CFT”) – the FATF’s
40+9 Recommendations. FATF Recommendation 24 requires countries to ensure that DNFBPs are subject to effective systems
for monitoring and ensuring compliance with AML/CFT requirements.
The purpose of this consultation paper is to consult on the proposals for annual fees to be paid from 2010 by DNFBPs who carry
on activities specified in Part B of Schedule 2 to the Proceeds of Crime Law; and as a result of carrying on such activities, are required to be registered under the Proceeds of Crime (Supervisory Bodies) (Jersey) Law 2008.
The consultation paper raises a number of questions and the Commission looks forward to receiving a full range of responses
from DNFBPs. Responses should be submitted by 16 April 2010.
A copy of the consultation paper can be downloaded from the Commission’s website by clicking
paper copies obtained from the Commission’s reception area or the Jersey Library.
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