Jersey

New Documents

Jersey FSC Publishes Revised Guidance on Afghanistan Sanctions

The Jersey Financial Services Commission issued revised guidance on the implementation of sanction measures in relation to Afghanistan, including asset freezes and travel restrictions.

October 11, 2021

Jersey Amends Legislation to Include AML/CTF Considerations

The government of Jersey enacted Proceeds of Crime (Supervisory Bodies) (Amendment) (Jersey) Law 2021.

October 6, 2021

Jersey Amends Proceeds of Crime Law to Include AML/CTF Obligations

October 6, 2021

Jersey FSC Announces Risk Assessment of Nonprofit Organizations

October 5, 2021

Jersey FSC Paper Outlines Changes Needed for Compliance with Enhanced, Simplified CDD

October 5, 2021

News

Midweek Roundup: Vatican Chargers Former FIU Chief, Global Regulators Target Binance, and More

Barclays stops transfers to Binance, FinCEN appoints first head of cryptocurrency supervision, and more, in the midweek roundup.

July 7, 2021

Midweek Roundup: Danske Bank’s CEO Resigns Amid Dutch AML Probe, US Pension Fund Sues Danish Lender, and More

Cannabis banking bill faces difficult vote in U.S. Senate, Brooklyn residents allegedly used U.S. accounts to launder $30 million in cash stolen from safety deposit boxes in Eastern Europe, and more, in the midweek roundup.

April 21, 2021

Weekly Roundup: US Officials Block Myanmar Payment, Lebanese Central Bank Chief Draws US Treasury Focus, and More

March 5, 2021

With Europe Watching, British Crown Dependency Imposes Record AML Penalty

February 20, 2021

Midweek Roundup: Germany Tells Piraeus Bank to Improve Compliance, Paraguay Investigates Banco Nacional de Fomento, and More

February 18, 2021

Enforcement Actions

Royal Court of Jersey: LGL Trustees Limited Fined £550,000 for AML Failures

The Royal Court of Jersey issued a judgment imposing a fine of £550,000 against the St. Helier, Jersey-based company for two breaches of Article 37(4) of the Proceeds of Crime (Jersey) Law 1999 and the related regulations.

March 5, 2021

JFSC Fines SGKH Entities Over £719,000 for AML, Regulatory Breaches

The Jersey Financial Services Commission imposed fines totaling £719,451.21 on three entities that form part of the Société Générale Group, a France-based regulated banking group, and a smaller sub-group headed by SG Kleinwort Hambros Bank Limited, a U.K.-regulated bank.

February 17, 2021

Jersey Fines Branch of Abu Dhabi Commercial Bank PJSC £475,000 for AML Failures

April 29, 2020

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