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Proceeds of Crime (Amendment of Schedule 2) (Jersey) Regulations - amendments to p119/2008

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A decision made (20.08.08) to approve the amendments to p119/2008 - Proceeds of Crime (Amendment of Schedule 2) (Jersey) Regulations 200-

Decision Reference:  MD-TR-2008-0092 

Decision Summary Title:

Amendments to Projet P119/2008: “Proceeds of Crime (Amendment of Schedule 2) (Jersey) Regulations 200-”

Date of Decision Summary:

19 August 2008

Decision Summary Author:

Andrew Le Brun

Director, International & Policy Division,

Jersey Financial Services Commission

Decision Summary:

Public or Exempt?

Public

Type of Report:

Oral or Written?

Written

Person Giving

Oral Report:

 

Written Report

Title:

Amendments to Projet P119/2008: “Proceeds of Crime (Amendment of Schedule 2) (Jersey) Regulations 200-”

Date of Written Report:

19 August 2008

Written Report Author:

Andrew Le Brun

Director, International & Policy Division,

Jersey Financial Services Commission

Written Report :

Public or Exempt?

Public

Subject:

Amendments to Projet P119/2008: “Proceeds of Crime (Amendment of Schedule 2) (Jersey) Regulations 200-”.

 

Decision(s):

The Minister agreed to lodge amendments to Projet P119/2008: “Proceeds of Crime (Amendment of Schedule 2) (Jersey) Regulations 200- and instructed officers to make the necessary arrangements for the amendments to be lodged au Greffe at the earliest opportunity in time for debate during the session of the States commencing on 8 September 2008.

 

Reason(s) for Decision:  

 

A key purpose of Projet P119/2008 is to give greater clarity to the position of collective investment funds under Schedule 2 (“Schedule 2”) of the Proceeds of Crime (Jersey) Law 1999. These amendments to that Projet arise as a result of submissions made by Jersey Finance Limited and the Jersey Funds Association (together “Industry”) subsequent to the lodging of P119/2008 and are intended to further clarify the application of Schedule 2 to collective investment funds.

 

The amendments:

 

  Provide further time for the Jersey Financial Services Commission (“JFSC”) and Industry to define a product that has the characteristics of a “COBO-only” fund.

  In line with previous precedents in Schedule 2, exclude from its scope certain additional activities that may be considered to present a lower risk of money laundering. In each case, the person carrying on the activity must be administered by a person who is prudentially supervised by the JFSC and subject to anti-money laundering obligations under the Money Laundering (Jersey) Order 2008.

  Clarify that where Schedule 2 refers to the provision of certain services to “third parties”, that term should not be regarded as covering the provision of a service to a connected (e.g. group) company.

 

These amendments are an essential part of the changes to the Island’s legislative framework in time for the International Monetary Fund assessment in October 2008.

 

Resource Implications: None.

 

Action required: Attached amendments to P119/2008 and report to be sent to the Publications Editor of the Greffe by a Treasury officer - with a request that they be lodged at the earliest opportunity in time for debate during the session of the States commencing on 8 September 2008.

 

Signature:

 

 

 

 

Position: Senator T A Le Sueur, Minister for Treasury and Resources

 

                 

 

Date Signed:  20th August 2008

Date of Decision:  20th August 2008

 

 

 

 

 

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