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L'înformâtion et les sèrvices publyis pouor I'Île dé Jèrri

Proceeds of Crime (Amendment - Financial Intelligence) (Jersey) Law 201-

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A decision made 20 October 2014:

Decision Reference: MD-C-2014-0172

Decision Summary Title :

Draft Proceeds of Crime (Amendment – Financial Intelligence) (Jersey) Law 201-

Date of Decision Summary:

16 October 2014

Decision Summary Author:

 

Officer, Financial Services

Decision Summary:

Public or Exempt?

(State clauses from Code of Practice booklet)

Public

Type of Report:

Oral or Written?

Written

Person Giving

Oral Report:

 

Written Report

Title :

Draft Proceeds of Crime (Amendment – Financial Intelligence) (Jersey) Law 201-

Date of Written Report:

16 October 2014

Written Report Author:

Officer, Financial Services

Written Report :

Public or Exempt?

(State clauses from Code of Practice booklet)

Public

Subject:

 

Approval of the draft Proceeds of Crime (Amendment – Financial Intelligence) (Jersey) Law 201-for lodging.

 

Decision(s):

 

The Chief Minister approved the draft Proceeds of Crime (Amendment – Financial Intelligence) (Jersey) Law 201- (the “draft Law”) for lodging and directed that the documents should be lodged au Greffe for debate by the States at the earliest opportunity. 

 

Reason(s) for Decision:

 

The draft Law makes amendments to the Proceeds of Crime (Jersey) Law 1999 by introducing an enabling power to make Regulations for the specific purpose of establishing a financial intelligence unit (“FIU”) in legislation. A FIU already exists in Jersey in the format of the Joint Financial Crime Unit. The purpose of this amendment is to allow for Regulations to be drafted setting out the existence of the FIU in legislation and providing for powers and functions of the FIU.

 

This draft Law is being lodged in order to facilitate the island’s continued compliance with the evolving recommendations of the Financial Action Task Force (“FATF”) on anti-money laundering and countering the financing of terrorism. If the States Assembly adopt the draft Law, it is intended that Regulations under the new enabling power will be lodged for debate towards the end of 2014 and will be debated when the draft Law receives Privy Council Assent.

 

Resource Implications:

 

There are no resource implications as a result of this decision.

 

Action required:

 

The Greffier of the States to be requested to arrange for the draft Proceeds of Crime (Amendment – Financial Intelligence) (Jersey) Law 201- to be lodged au Greffe for debate by the States at the earliest opportunity.

Signature:

 

 

 

Senator Ian Gorst

Position:

 

 

 

Chief Minister of Jersey

Date Signed:

 

 

Date of Decision (If different from Date Signed):

 

 

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