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

Financial Services Commission (Amendment No. 8) (Jersey) Law 202-

A formal published “Ministerial Decision” is required as a record of the decision of a Minister (or an Assistant Minister where they have delegated authority) as they exercise their responsibilities and powers.

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A decision made on 2 December 2021

MINISTERIAL DECISION REFERENCE:     MD-ER-2021-0062

DECISION SUMMARY TITLE:  Draft Financial Services Commission (Amendment No.8) (Jersey) Law 202-  decision to lodge “au Greffe”.

DECISION SUMMARY AUTHOR:

Associate Director of Financial Crime Strategy

IS THE DECISION SUMMARY PUBLIC OR EXEMPT?  

Public

REPORT TITLE:   Amendments under the Financial Services Commission (Jersey) Law 1998 regarding the civil financial penalties regime.

REPORT AUTHOR OR NAME OF PERSON GIVING REPORT: 

Associate Director of Financial Crime Strategy

IS THE REPORT PUBLIC OR EXEMPT

Public

DECISION AND REASON FOR THE DECISION:

The Minister for External Relations and Financial Services approved for lodging “au Greffe” the draft Financial Services Commission (Amendment No.8) (Jersey) Law 202-. 

The draft Law proposes amendments under the Financial Services Commission (Jersey) Law 1998 regarding the civil financial penalties regime.

The Law Amendment looks to extend the existing civil financial penalties regime already available to the Jersey Financial Services Commission, to deal with natural or legal persons which fail to comply with anti-money laundering and countering the financing of terrorism requirements and that the regime is applicable to financial institutions as well as Designated Non-Financial Businesses and Professions, and to their senior management, including principal and key persons. Should the Law Amendment be approved by the Assembly, the Minister intends to make the Draft Financial Services Commission (Financial Penalties) (Amendment No. 2) (Jersey) Order 202- (the “Order Amendment”).

The combination of the Law Amendment and the Order Amendment will increase the overall effectiveness, proportionality, and dissuasiveness of the existing civil financial penalties regime. Furthermore, implementing both amendments will help to align the existing regime with international standards, especially FATF Recommendation 35, and best practices whilst providing for fairer and more equitable enforcement action outcomes.

RESOURCE IMPLICATIONS: 

There are no other resource implications for the Government of Jersey.

ACTION REQUIRED: 

The Greffier of the States is requested to arrange for the draft Law to be lodged au Greffe for debate by the States at the earliest opportunity.

SIGNATURE:

 

 

SENATOR IAN GORST

POSITION:

 

 

MINISTER FOR EXTERNAL RELATIONS AND FINANCIAL SERVICES

 

 

DATE SIGNED:     

EFFECTIVE DATE OF THE DECISION (if different)

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