Approval of legislation to regulate money services business

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A decision made (05.06.07) to approve legislation to regulate money services business.

Subject:	Approval of legislation to regulate money services business.
Decision Reference:	MD-E-2007-0112		Exempt clause(s):
Type of Report: (oral or written)	Written		Person Giving Report (if oral):
Telephone or e-mail Meeting?			Report File ref:
Written report – Title	Proposed legislation to regulate money services business.
Written report – Author (name and job title)	Paul de Gruchy, Director, Finance Industry Development
Decision(s): 1) The Minister approved the Financial Services (Amendment of Law) (Jersey) Regulations, the Financial Services (Money Services Business) (Exemptions) (Jersey) Order and the Financial Services (Money Services Business) (Registration and Fees) (Jersey) Order; 2) To instruct the Director, Finance Industry Development to lodge the Regulations for debate by the States at the earliest opportunity – preferably no later than 17 July 2007 3) To resolve to make the Orders in accordance with their terms following the approval of the Regulations.
Reason(s) for decision: International standards set out by the Financial Action Task Force on Money Laundering (FATF) require the Island to introduce a regulatory regime for money service businesses. These are businesses such as bureau de change and those providing cheque cashing facilities. The legislation, which has been drawn up following a public consultation and discussions with members of the money services industry, will provide a framework for regulating such businesses.
Action required: Director, Finance Industry Development to request the Publications Editor at the States Greffe to lodge the Regulations for debate in the States on 17 July 2007. Minister to hold the Orders pending approval of the Regulations and if and when the Regulations are approved by the States seal the Orders and then request the Director, Finance Industry Development to notify the States Greffe, the Departmental liaison officer and the law draftsman before forwarding the Orders to the Greffe for archiving.
Signature: Senator P.F.C.Ozouf (Minister)		Date of Decision: