The Proceeds of Crime (Miscellaneous Amendments) regulations, which came into force at the end of last month, follow a consultation process put in train last year by the Chief Minister’s Department and are designed to ‘encourage confidence and innovation’ in the sector.
The final regime has resulted from collaboration between the States, the financial services regulator and industry promoters Jersey Finance and Digital Jersey as part of the Island’s digital framework policy.
It will provide a means of control over the way individuals and businesses exchange virtual and physical currencies which potentially carry a risk of money laundering and terrorist financing.
The chief executive of Digital Jersey, Tony Moretta, said it was ‘extremely important’ for the Island to introduce the right level of regulation in order to instil confidence in the quality of the jurisdiction.
Read the full report, in The Business, in Wednesday’s JEP.
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