03 August 2023
The Government, in consultation with the Jersey Financial Services Commission (JFSC), has
decided to make further legislative changes as part of the ongoing supervisory
implementation of the Proceeds of Crime (Amendment No. 6) (Jersey) Law 2022
(“Amendment No. 6”) and following the extension of the initial registration deadline for
certain businesses including Directors, from 30 June to 30 September 2023.
This will clarify certain ongoing anti-money laundering and countering the financing of
terrorism requirements (AML/CFT) and support the industry with efficient implementation.
These changes are designed to ensure the regime is implemented across the relevant parties
in a proportionate, effective, and risk-based manner, whilst adhering to international
standards.
The Assistant Chief Minister with responsibility for Financial Services, Deputy Elaine Millar,
intends to make an Order concerning the ongoing obligations of Directors (acting outside
of employment) required to register as a Schedule 2 business.
The Assistant Chief Minister will disapply certain common AML/CFT obligations as not
relevant to persons acting as Directors (acting outside of employment). These were brought
newly into scope by Amendment No. 6 for Directors (known as “Previously Exempt
Directors”).
Examples include the requirements to undertake risk assessments, maintain policies and
procedures, and appoint a money-laundering reporting officer and a separate moneylaundering compliance officer.
This Order will be made in due course and will come into effect on 30 September 2023, the
day before the regime comes into force for Directors. The disapplication of obligations will
apply for 12 months and does not apply to Directors already registered under the Financial
Services (Jersey) Law 1998.
The Government is currently consulting with the JFSC as to whether further amendments are
required to the AML/CFT regime concerning Private Trust Companies, to achieve an effective
implementation of Amendment No. 6. Further information on this will be made available in
early August 2023.
More details can be read on the Government’s News and resources on financial crime (gov.je).
gov.je