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 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. This includes 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. Whilst some of these areas were addressed by amendments to existing legislation in 2017 and 2018, the JFCSG consultation paper contains a full set of proposals for remaining legislative amendments relating to the FATF Recommendations.