Anti-money laundering and combatting the financing of terrorism scope exemptions

About the consultation

This consultation is a joint initiative between the Jersey Financial Services Commission (JFSC) and Government of Jersey. It's a technical consultation paper providing details regarding the current and future treatment of Jersey's anti-money laundering and combatting the financing of terrorism (AML/CFT) scope exemptions.

The overriding aim is to clarify and simplify Jersey's AML/CFT regime by aligning it more clearly with international standards.

The proposals within the consultation paper are part of a coordinated programme of work led by the Government in partnership with other Island agencies to implement the International Standards on Combating Money Laundering and the Financing of Terrorism and Proliferation (FATF Recommendations).

Consultation on AML/CFT scope exemptions

Appendix B summarises scope exemptions that are currently available and provides a quick reference on whether they'll continue to be available in the future.

If you use AML/CFT scope exemptions you're likely to be required to notify the JFSC of your reliance on these scope exemptions. You may be required to register with the JFSC for AML/CFT oversight in the near future.

We encourage you to review your businesses' use of scope exemptions, and in cases where such scope exemptions will no longer be available, to plan how you'll go about ensuring that you have adequate systems, procedures and controls in place in line with the obligations on all businesses registered for AML/CFT purposes. These obligations are detailed in your AML/CFT Handbook.

How to submit comments to the consultation

Government sought responses to the nine questions posed in the consultation.

Responses to the consultation

​Feedback on consultation on AML/CFT scope exemptions