Implementation of Regulations to implement Financial Action Task Force (FATF) SRVII on wire transfers in Jersey.

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A decision made (21/05/2007) regarding: Implementation of Regulations to implement Financial Action Task Force (FATF) SRVII on wire transfers in Jersey.

Subject:	Implementation of Regulations to implement Financial Action Task Force (FATF) SRVII on wire transfers in Jersey
Decision Reference:	MD-TR-2007-0063	Exempt clause(s):		N/A
Type of Report: (oral or written)	Written	Person Giving Report (if oral):		N/A
Telephone or e-mail Meeting?	N/A	Report File ref:		ALB/1/18/05/07
Written Report – Title	Implementation of FATF SRVII on wire transfers	Written report - author		Andrew Le Brun
Decision(s): The Minister agreed to lodge the draft Regulations au Greffe to implement FATF SRVII on wire transfers in Jersey and instructed officers to make the necessary arrangements.
Reason(s) for decision: To implement international standards in Jersey and to allow individuals and businesses in Jersey to continue to use UK payment systems, in the same way that individuals and businesses in the UK are able to. Without legislation, the use of BACS for making transfers between Jersey and the UK will be limited. (Report attached.)
Action required: Liaison with Greffier of the States to arrange lodging ‘au Greffe’ of draft Regulations.
Signature: (Minister/ Assistant Minister)			Date of Decision: 21 May 2007