Financial crime risk assessment launched in Jersey

The JFSC is due to publish a report on its findings in 2023

The Government of Jersey has launched an assessment into the risk of financial crime posed by all companies, partnerships, and trusts on the island.

It will review the risks posed of money laundering, terrorist financing and the financing of the proliferation of weapons of mass destruction.

The data will be collected by the Jersey Financial Services Commission (JFSC) on behalf of government.

The JFSC is due to publish a report on its findings in 2023.

George Pearmain, director of financial crime strategy, said: "This assessment forms part of the government's continued drive to combat financial crime and to identify any areas for improvement in the island's policies, procedures and legislation."

He said input from relevant parties was vital.

Mr Pearmain said: "The data provided will enable a more detailed understanding of the risk levels for different legal persons and arrangements.

"Having access to accurate and current data is fundamental to the delivery of conclusions and recommendations that are relevant, practical and proportionate to the risks posed."

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