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Money Laundering (Amendment No. 9) (Jersey) Order 2016

A formal published “Ministerial Decision” is required as a record of the decision of a Minister (or an Assistant Minister where they have delegated authority) as they exercise their responsibilities and powers.

Ministers are elected by the States Assembly and have legal responsibilities and powers as “corporation sole” under the States of Jersey Law 2005 by virtue of their office and in their areas of responsibility, including entering into agreements, and under any legislation conferring on them powers.

An accurate record of “Ministerial Decisions” is vital to effective governance, including:

  • demonstrating that good governance, and clear lines of accountability and authority, are in place around decisions-making – including the reasons and basis on which a decision is made, and the action required to implement a decision

  • providing a record of decisions and actions that will be available for examination by States Members, and Panels and Committees of the States Assembly; the public, organisations, and the media; and as a historical record and point of reference for the conduct of public affairs

Ministers are individually accountable to the States Assembly, including for the actions of the departments and agencies which discharge their responsibilities.

The Freedom of Information Law (Jersey) Law 2011 is used as a guide when determining what information is be published. While there is a presumption toward publication to support of transparency and accountability, detailed information may not be published if, for example, it would constitute a breach of data protection, or disclosure would prejudice commercial interest.

A decision made 23 September 2016:

MINISTERIAL DECISION REFERENCE:    MD-C-2016-0110

DECISION SUMMARY TITLE:  Money Laundering (Amendment No.9) (Jersey) Order 2016

DECISION SUMMARY AUTHOR:

Lead Policy Adviser, Financial Crime and Private Wealth

IS THE DECISION SUMMARY PUBLIC OR EXEMPT?  

Public

REPORT TITLE:  Money Laundering (Amendment No.9) (Jersey) Order 2016

REPORT AUTHOR OR NAME OF PERSON GIVING REPORT:  (if different from Decision  Summary Author)

Lead Policy Adviser, Financial Crime and Private Wealth

IS THE REPORT PUBLIC OR EXEMPT 

Public

DECISION AND REASON FOR THE DECISION:

The Chief Minister made the Money Laundering (Amendment No.9) (Jersey) Order 2016 (the “Order”).

 

On the 26 September 2016 the Proceeds of Crime (Miscellaneous Provisions) (Jersey) Regulations 2016 (the “Regulations”) will come into force. The Regulations, in the main, introduce a policy for regulation of Virtual Currency for Jersey. The Order makes consequential amendments to the Money Laundering (Jersey) Order 2008 (the “MLO”) relevant to that policy.

 

Article 1 of the Order amends Article 4 of the MLO to apply the one-off transaction threshold of €1,000 or more in relation to transactions carried out in the course of a business of providing the service of virtual currency exchange. (A one-off transaction above that threshold triggers the identification measures required as part of the customer due diligence regime imposed by the MLO.)

 

RESOURCE IMPLICATIONS:

There are no resource implications for the States of Jersey as a result of this decision.

ACTION REQUIRED:

That the Chief Minister sign and seal the Order and it be returned to the States Greffe for immediate publication and for notification to the States Assembly.

SIGNATURE:

 

 

SENATOR IAN JOSEPH GORST

POSITION:

 

 

CHIEF MINISTER OF JERSEY

 

 

DATE SIGNED

EFFECTIVE DATE OF THE DECISION

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