24 July 2024
Jersey has been recognised as a responsible finance centre that upholds international
standards for combatting money laundering and countering the financing of terrorism, in a
key report published today (Wednesday 24 July).
The independent report by MONEYVAL, the Council of Europe’s permanent monitoring body,
concludes that Jersey’s effectiveness in preventing financial crime is among the highest level
found in jurisdictions evaluated around the world.
The MONEYVAL Fifth Round Mutual Evaluation Report assesses Jersey against international
standards to determine the effectiveness of the Island’s anti-money laundering and counter-terrorist financing measures.
Key conclusions from the report include:
- In respect of risk understanding and national co-operation and co-ordination, Jersey
reaches a level of effectivness only seen in three other jurisdictions worldwide
- Jersey is praised for the accuracy and transparency of beneficial ownership information
for legal persons and arrangements, with the report recognising the range of
mitigating measures in place to reduce risk which occur in few other countries
- Jersey is recognised for its important and effective role in providing mutual legal
assistance and other international co-operation, demonstrating its commitment to
being a responsible international partner
- No “fundamental improvements” are required to the Jersey regime
- There are recommendations for improvements in the areas of supervision,
preventative measures, financial intelligence and investigation and prosecution, where
many actions are already underway
The Minister for Financial Services, Deputy Ian Gorst, said: “This report demonstrates Jersey’s
ongoing commitment to complying with international standards. I hope that it gives the
industry and investors confidence in the future of Jersey as a responsible international finance
centre. We can use the report as a foundation on which to build sustainable and reliable
growth by using it to show that Jersey takes effective action to prevent the channeling of
illegal funds, and enable honest and transparent economic growth around the world.
“The work to combat financial crime is not over, and never will be. Like every other
jurisdiction Jersey will have to continue to adapt to meet changing threats. The report
endorses our current national strategy and much of the work we are already doing, but we
will also address the recommendations made for improving our system. We will do so in a
proportionate and reasonable manner, and through proper consultation with industry.”
You can read the MONEYVAL report here and the news release here.
gov.je