Jersey

New Documents

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.

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.

News

Enforcement Actions

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.


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