Report shows Jersey combating financial crime

An independent report has shown Jersey upholds international standards in combatting financial crime

Moneyval, the Council of Europe’s permanent monitoring body, has published an independent report into Jersey's effectiveness in combating financial crime.

It concluded Jersey performed well against international standards for anti-money laundering and countering the financing of terrorism.

The report, published on Wednesday, followed a two-year assessment of the island's regime, the Government of Jersey said.

It said the report showed Jersey’s effectiveness in preventing financial crime was among the highest in jurisdictions assessed around the world.

'Changing threats'

The Minister for Financial Services, Deputy Ian Gorst, said: "This report demonstrates Jersey’s ongoing commitment to complying with international standards.

"The work to combat financial crime is not over, and never will be.

"Like every other jurisdiction, Jersey will have to continue to adapt to meet changing threats.

"The report endorses our current national strategy and much of the work we are already doing, but we will also address the recommendations made for improving our system."

Key conclusions from the report included:

• In respect of risk understanding and national co-operation and co-ordination, Jersey reached a level of effectiveness only seen in three other jurisdictions worldwide

• Jersey was praised for the accuracy and transparency of beneficial ownership information for legal persons and arrangements, with the report recognising the range of mitigating measures in place to reduce risk which occur in few other countries

• Jersey was recognised for its important and effective role in providing mutual legal assistance and other international co-operation, demonstrating its commitment to being a responsible international partner

• No “fundamental improvements” were required to the Jersey regime

• There were recommendations for improvements in the areas of supervision, preventative measures, financial intelligence and investigation and prosecution, where many actions were already under way