DRAFT PROCEEDS OF CRIME (FINANCIAL INTELLIGENCE) (JERSEY) REGULATIONS 201
These Regulations would establish a financial intelligence unit (“FIU”) for Jersey, to carry out the functions of such a unit as described in Article 41B of the Proceeds of Crime (Jersey) Law 1999 (as inserted by the Proceeds of Crime (Amendment – Financial Intelligence) (Jersey) Law 201-), in accordance with the general purpose stated in Regulation 2 (which also designates the Joint Financial Crimes Unit of the States of Jersey police force as the FIU).
1. Regulation 3 sets out the circumstances in which the FIU could seek information from a relevant person (as defined in the interpretation provision in Regulation 1). A request for information would be lawfully made only if it meets the criteria set out in Regulation 4 and also relates to a kind of information described in that Regulation.
2. Regulation 5 would create an offence of failure to respond to such a request and provides that the penalty for the offence would be a fine of an unlimited amount or, in the case of a natural person, imprisonment for up to 2 years and a fine.
3. Regulation 6 would make consequential amendments to the Money Laundering (Jersey) Order 2008.
4. Regulation 7 provides for the citation of these Regulations and that they will come into force following the commencement of the Proceeds of Crime (Amendment – Financial Intelligence) (Jersey) Law 201-.
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