The Jersey Financial Crime Strategy Group (JFCSG)– comprising representatives from the Government of Jersey, Jersey Financial Services Commission, States of Jersey Police and Jersey Customs and Immigration Service – have [27 July 2018] launched a public consultation on the implementation of the 2012 Financial Action Task Force (FATF) Recommendations on Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT).
The 2012 Recommendations are intended to specifically strengthen areas which FATF, through its membership by the international community, considers to be higher risk or where implementation of financial crime standards should be enhanced.
Included in these areas are measures to deal with new threats such as the financing of
- weapons of mass destruction,
- to be clearer on transparency and
- tougher on corruption.
Following analysis of the enhancements to international AML/CFT standards, along with the accompanying Assessment Methodology, the JFCSG has identified potential areas for legislative development in Jersey’s current AML/CFT regime – and the JFCSG consultation paper contains a full set of proposals for remaining legislative amendments relating to the FATF Recommendations.
https://www.gov.je/News/2018/Pages/ConsultationImplementationFATFRecommendations-.aspx
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