Jersey

New Documents

Jersey Adds Two Individuals to Anti-terrorism, Crime Sanctions List

The Jersey Minister for External Affairs issued an order adding two individuals to the Sanctions and Asset-Freezing (Jersey) Law 2019 list pursuant to the Anti-terrorism, Crime and Security Act 2001 of the United Kingdom.

October 20, 2020

Jersey Adopts Sanctions, Asset-Freezing Order Covering 38 EU Sanctions Regulations

The Government of Jersey adopted the Sanctions and Asset-Freezing (Implementation of EU Regulations) (Jersey) Order 2020, which ensures the enforcement of 38 EU sanctions regulations covering a wide number of countries, terrorist groups, cybersecurity orders and chemical weapons measures.

October 13, 2020

Jersey FSC Updates Guidance on Supervisory Examinations

October 2, 2020

Jersey National Risk Assessment Highlights Money Laundering Threats

September 30, 2020

Jersey Enacts Legislation on Tax Reporting Obligations of Certain Offshore Entities

September 15, 2020

News

Midweek Roundup: FinCEN Logs Nearly 100,000 COVID SARs, Commonwealth Bank Funneled BTC-e Funds, and More

Banks and governments wary of cryptocurrency’s AML risks, EU to start infringement proceedings against three members’ ‘golden visa’ schemes, and more, in the midweek roundup.

September 30, 2020

Weekly Roundup: FinCEN Coughs Up Hunter Biden SARs, OCC Expects Few BSA Enforcement Actions, and More

U.S. title insurance firms reported thousands of potentially illicit real estate deals, Westpac knew of AML deficiencies for years, and more, in the weekly roundup.

February 7, 2020

Weekly Roundup: Malta Flops Moneyval Evaluation, Online Realtor in Line for UK AML Fine, and More

September 13, 2019

UK Crown Dependencies Set Date for Wider Access to Beneficial Ownership Databases

June 20, 2019

Midweek Roundup: Societe Generale Investigated for Olympic Bribery, Canadian Casino Tied to Terror Finance, and More

October 4, 2017

Enforcement Actions

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

The Royal Court of Jersey sentenced the Jersey branch of an Abu Dhabi, United Arab Emirates-based bank to a £475,000 fine and awarded costs of £25,000 for the financial institution’s failure to comply with the requirements of Money Laundering (Jersey) Order 2008.

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