Jersey Finance Encourages Industry Engagement in Vital Consultations

Jersey Finance is encouraging firms to engage with two key consultations currently under way in Jersey, which provide evidence of the jurisdiction’s willingness to combat financial crime and meet global standards of financial regulation.

A consultation launched last month by the Jersey Financial Crime Strategy Group makes a number of proposals aimed at implementing recommendations made by the Financial Action Task Force (FATF) to strengthen Jersey’s credentials in fighting financial crime. In particular, the consultation puts forward measures to tackle the financing of weapons of mass destruction, provide further clarity around transparency, and be tougher on corruption. The closing date for submissions is 30 September. 
 
A further consultation launched by Jersey’s government earlier this month aims to get feedback on proposals to satisfy concerns previously raised by the EU’s Code of Conduct Group around the concept of ‘economic substance’. The proposals draw on thinking from both the OECD and EU relating to economic substance, as well as the legal and regulatory requirements that already exist in Jersey. The deadline for submissions is 31 August.

Both consultations follow the recent introduction of new legislation designed to strengthen Jersey’s capabilities to fight financial crime. Amendments to the Proceeds of Crime (Jersey) Law were approved by Jersey’s government in June to ensure Jersey complies with recommendations highlighted in the 2016 MONEYVAL report

Geoff Cook, CEO, Jersey Finance, said: “Taken together, these two vital consultations are evidence of the positive steps Jersey is taking to work with the international community to support global moves to clamp down on financial crime and promote sound financial regulation. As a jurisdiction we stand united with the global community on this front, and we’d strongly encourage industry to engage with both of these consultations as we continue to demonstrate Jersey’s leading position on these issues.”

Jersey Finance

Email the author: jersey@jerseyfinance.je

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