On 20/06/2014 the Jersey Financial Services Commission (the “Commission”) issued a Consultation Paper on proposals to amend the Money Laundering (Jersey) Order 2008.
The Consultation Paper deals with a number of comments by the Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (“MONEYVAL”) in 2013 and is intended to strengthen the measures that are applied in Jersey by: financial institutions, such as banks, trust companies and investment businesses; professional firms, such as lawyers and accountants; and other firms subject to measures to counter money laundering and the financing of terrorism (“AML/CFT”).
AML/CFT measures covered in the Consultation Paper include:
- The application of simplified customer due diligence measures.
- The application of enhanced customer due diligence measures.
- The obligation to provide information to a designated police officer or designated customs officer.
In formulating its proposals, the Commission’s objective has been to apply international standards in a way that is consistent with neighbouring territories, and the money laundering and terrorist financing risk present in Jersey.
Action taken by the Commission, including these proposals, will be reviewed in September this year by MONEYVAL.
To access Consultation Paper No. 3 2014 please click here. http://www.jerseyfsc.org/pdf/Consultation-Paper-No-3-2014-MLOrder-Amdt-7.pdf
Responses to the consultation should be sent to the Commission by 18 July 2014.
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