Key Documents

Jersey Amends Proceeds of Crime, Terrorism Law

February 18, 2014

Jersey Enacts Proceeds of Crime Regulations 2008

February 12, 2008

Jersey Enacts Terrorist Asset-Freezing Law

April 1, 2011

Jersey Issues AML, Nonproliferation Legislation

November 1, 2011

Jersey Amends Money Laundering Regulation

October 20, 2014

Jersey Finalizes Wire Transfer Regulations

July 16, 2007

Important Facts

The U.S. State Department labels Jersey as a jurisdiction of primary money laundering concern. The largest of the Channel Islands, Jersey is an international financial center that offers a sophisticated array of offshore services. Although Jersey is a British crown dependency, the country has its own parliament, government, and laws. Since a substantial proportion of customer relationships are with nonresidents, adherence to know-your-customer rules is vital for the limiting of illicit money from foreign criminal activity. Jersey authorities also work to protect the financial services industry against the laundering of the proceeds of foreign political corruption. In January 2015, Jersey published a typologies report outlining laundering methods and other areas of concern, including tax evasion, corruption, financial crimes involving politically exposed persons, the use of money service businesses and the use of pre-paid cards.
KYC Covered Entities: Banks; life insurance companies; collective investment schemes and operators; trust and company service providers; money exchanges and foreign exchange dealers; financial leasing companies; issuers of credit and debit cards, traveler’s checks, money orders, and electronic money; securities brokers, dealers, advisers, and managers; safekeeping, trust, fund, and portfolio managers; collective investment schemes and operators; insurance companies and brokers; casinos; real estate agents; dealers in precious metals and stones and other high-value goods; notaries, accountants, lawyers, and legal professionals
STR Covered Entities: Banks; life insurance companies; collective investment schemes and operators; trust and company service providers; money exchanges and foreign exchange dealers; financial leasing companies; issuers of credit and debit cards, traveler’s checks, money orders, and electronic money; securities brokers, dealers, advisers, and managers; safekeeping, trust, fund, and portfolio managers; collective investment schemes and operators; insurance companies and brokers; casinos; real estate agents; dealers in precious metals and stones and other high-value goods; notaries, accountants, lawyers, and legal professionals
Enhanced Due Diligence Procedures for PEPs: Foreign: Yes; Domestic: No
Money Laundering Criminal Prosecutions/Convictions: Prosecutions: 3 (2015); Convictions: 1 (2015)

-Source: 2016 International Narcotics Control Strategy Report (INCSR)

Rankings

FATF i

Technical	Effectiveness
Compliant : 16	High :
Largely Compliant : 28	Substantial :
Partially Compliant : 5	Moderate :
Non-Compliant : 0	Low :
Not-Applicable : 0

BASEL i

Rank : N/A

Score : N/A

TRANSPARENCY INTERNATIONAL i

Rank : N/A

Score : N/A

Tax Justice Network i

Rank : 16/133

Score : 66/100

Jersey

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