Jersey supports fight against financial crime

15 May 2018

Jersey has become a core donor nation to the International Centre for Asset Recovery (ICAR) for a three year period, following a Ministerial Decision by the Treasury Minister.  ICAR is part of the Basel Institute on Governance and supports global efforts to prevent and fight international financial crime and recover stolen assets.

ICAR has helped Jersey with the repatriation of assets and has also identified opportunities for Jersey to share its experience in combatting money laundering in the international arena.

Jersey is contributing £250,000 to the work of ICAR, giving Jersey donor nation status for three years. This contribution will not come from tax payers, but from the Jersey Criminal Offences Confiscation Fund. These are the proceeds of crime, in Jersey and abroad, confiscated from criminals.

Fighting financial crime

ICAR operates in a number of countries, building capacity in developing countries to fight financial crime, training investigators and anti-corruption officers. These include countries in Africa which are the subject of positive engagement with Jersey such as Kenya, Zambia, Tanzania, Mauritius, Malawi and Uganda. 

ICAR has staff embedded in anti-crime and corruption units in countries which have assisted Jersey in obtaining information on asset recovery cases. ICAR has also helped to develop a tool for improving international co-operation over mutual legal assistance and asset recovery, which will help Jersey partner with third countries to tackle economic crime.

Recovering stolen assets

Gretta Fenner, Managing Director of Basel Institute on Governance said: “The successful recovery of stolen assets in international corruption and money laundering cases depends on the active cooperation of all concerned jurisdictions. We look forward to working ever more closely with Jersey both in relation to specific cases and on international policy issues of mutual interest.”

Attorney General, Robert MacRae QC observed: “The International Centre for Asset Recovery plays a key role in the prevention and combatting of international crime on the global stage. Jersey’s decision to support the Centre demonstrates the Island’s commitment to fighting crime and to repatriating assets to third countries.”