Terror financing and money laundering risk assessment to be launched

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A NATIONAL risk assessment of the threats to the Island from money launderers and terrorist financing gets under way this month.


The requirement for Jersey to carry out the in-depth self-assessment was announced early last year by the Jersey Financial Services Commission and will involve not only the regulator, but also States ministers and officers, the police, finance companies and Jersey Finance.

The assessment will be carried out by a multi-departmental Jersey Financial Crime Strategy Group made up of representatives from the Chief Minister’s, External Relations, Community and Constitutional Affairs and Law Officers’ departments, together with the JFSC, States police and joint financial crimes unit, Customs, the Comptroller of Income Tax, Jersey Gambling Commission and the Law Draftsman’s Office.

Expected to be completed in June 2019, the assessment required under new rules by global standard setters the Financial Action Task Force has been likened to the previous and intensive Moneyval assessment completed in 2015. JFSC director Andrew Le Brun, who was last year seconded to assist Moneyval in Strasbourg, has now been seconded to the Chief Minister’s Department for the duration of the national risk assessment exercise.

Jersey will be using guiding methodology developed by the World Bank in its data collection practices and to raise awareness and co-operation in the government and private sector.

JFSC director general John Harris said: ‘The national risk assessment calls for the collection of a significant amount of data from, and engagement with, the private sector. The assessment will highlight what risks exist and will complement the JFSC’s strategic goal of becoming a more agile and risk-based supervisor.’

Richard Corrigan from the Chief Minister’s Department, who will chair the Jersey Financial Crime Strategy Group, added: ‘Although this is not the first time that Jersey has considered money-laundering and terrorist financing risks, the national risk assessment will be the most comprehensive assessment of these risks to date and its conclusions will be instrumental in taking future policy decisions.

‘We are pleased to be working closely with the World Bank using an assessment methodology that has already been successfully applied in many other parts of Europe, including financial centres.’


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