Jersey

New Documents

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

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

News

Enforcement Actions

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.

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.


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