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Amendments to the Proceeds of Crime (Supervisory Bodies) (Jersey) Law 2008.

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A decision made (19/12/2008) regarding: Amendments to the Proceeds of Crime (Supervisory Bodies) (Jersey) Law 2008.

Decision Reference:   MD-E-2008-0241 

Decision Summary Title:

Amendments to the Proceeds of Crime (Supervisory Bodies) (Jersey) Law 2008

Date of Decision Summary:

16 December 2008

Decision Summary Author:

James Mews

Finance Industry Development

Decision Summary:

Public or Exempt?

Public

Type of Report:

Oral or Written?

Oral

Person Giving

Oral Report:

James Mews

Written Report

Title:

N/A            

Date of Written Report:

N/A

Written Report Author:

N/A

Written Report :

Public or Exempt?

N/A

Subject:

Draft Proceeds of Crime (Supervisory Bodies) (Transitional Provision) (Jersey) Order 200-             

Decision(s):

The Minister made the Proceeds of Crime (Supervisory Bodies) (Transitional Provision) (Jersey) Order 2008.

Reason(s) for Decision:

To extend the period of transitional provisions under the Proceeds of Crime (Supervisory Bodies) (Jersey) Law 2008, (the “Law”), as they apply to persons carrying on business that is regulated under the Collective Investment Funds (Jersey) Law 1988, the Banking Business (Jersey) Law 1991, the Insurance Business (Jersey) Law 1996, or the Financial Services (Jersey) Law 1998 (together, the “regulatory laws”).

The extension will nullify an anomaly in the Law that would otherwise impose an unreasonable burden on regulated businesses to notify the Commission of any other activity carried on that is specified in Schedule 2 of the Law but which is subject to exemption under one of the regulatory laws.  The intention had been that regulated businesses would only be required to notify the Commission of specified Schedule 2 activities that are not covered by one of the regulatory laws.

The anomaly will only arise when the present transitional provisions expire on 19 December 2008. It was brought to the Commission’s attention by a local law firm during the week ending 12 December 2008, and this interim solution has been devised with that firm’s assistance; however, the limited time available has precluded any other consultation. The extension for the limited period of 6 months will allow time for more permanent action to be taken through altering a definition in the Law by means of Regulations. 

Resource Implications: 

The draft Order will not have any effect on the financial or manpower resources of the States of Jersey.

Action required: 

The Minister to sign, date and seal the Order and for it to be returned to the States Greffe immediately.

Signature:  Senator A.J.H.Maclean 

Position: Minister for Economic Development 
 

Date Signed:                 

Date of Decision:                  

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