Combating Financial Crime: National Risk Assessment report published

30 September 2020

The first National Risk Assessment (NRA) Report of money laundering has been published by the Government of Jersey. The NRA is the first public, centrally co-ordinated risk assessment of money laundering undertaken in the Island.

The NRA is a tool that allows all stakeholders – including Government, the Jersey Financial Services Commission, local law enforcement agencies, and industry – to increase their understanding of the risk of Jersey being used by criminals to launder the proceeds of crime.

External Relations Minister, Senator Ian Gorst said: "Jersey has a long-standing commitment to be a leader in the global fight against financial crime. Understanding the risk we face as an Island is of critical importance in upholding that commitment.

"Conducting an NRA is an international recommendation of the Financial Action Task Force, the international standard setter on financial crime. Conducting this NRA illustrated that whilst Jersey has a comprehensive infrastructure of institutions, laws and processes in place to combat money laundering, we also have some areas in which we can improve.

"An action plan will be put into place to address the detailed findings of NRA over the next 12 months. Producing NRAs and following through action plans to address the findings of successive assessments will ensure that Jersey remains well-placed to meet the constantly changing threats to the jurisdiction.

"This will help protect Jersey’s finance industry and reputation as highly co-operative and transparent jurisdiction that seeks to lead the fight against financial crime both now and in the future."

The full NRA document is online.