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Proceeds of Crime (Supervisory Bodies) (Designation of Supervisory Bodies) (Jersey) Order 200- (“the Order”).

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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  • demonstrating that good governance, and clear lines of accountability and authority, are in place around decisions-making – including the reasons and basis on which a decision is made, and the action required to implement a decision

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A decision made (05/09/2008) regarding: Proceeds of Crime (Supervisory Bodies) (Designation of Supervisory Bodies) (Jersey) Order 200- (“the Order”).

Decision Reference:      MD-E-2008-0172 

Decision Summary Title :

Proceeds of Crime (Supervisory Bodies) (Designation of Supervisory Bodies) (Jersey) Order 200-

Date of Decision Summary:

4 September 2008

Decision Summary Author:

Robert Jones

Finance Industry Development Assistant

Decision Summary:

Public or Exempt?

(State clauses from Code of Practice booklet)

Public

Type of Report:

Oral or Written?

Written

Person Giving

Oral Report:

N/A

Written Report

Title :

Proceeds of Crime (Supervisory Bodies) (Designation of Supervisory Bodies) (Jersey) Order 200-

Date of Written Report:

4 September 2008

Written Report Author:

Robert Jones

Finance Industry Development Assistant

Written Report :

Public or Exempt?

(State clauses from Code of Practice booklet)

Public

Subject:    

Proceeds of Crime (Supervisory Bodies) (Designation of Supervisory Bodies) (Jersey) Order 200- (“the Order”).

Decision(s):  

The Minister made the Order, with effect from the day the Proceeds of Crime (Supervisory Bodies) (Jersey) Law 2008 (“the Law”) comes into force.

Reason(s) for Decision: 

The Law was registered in the Royal Court on 25 July 2008.  An Appointed Day Act bringing the Law into force in accordance with its terms is due to be considered by the States on 9th September 2008.  The Law provides for certain persons to be overseen by a body to be appointed by Order of the Minister.  The Order accordingly appoints the Jersey Financial Services Commission as the oversight body in relation to all such persons.

 
Resource Implications: 

There are no measurable financial or manpower costs for the States.

 
Action required: 

The Minister to sign, date and seal the Order and the Order to be returned to the States Greffe.

Signature:  Senator P.F.C.Ozouf 

Position: Minister

Date Signed: 

Date of Decision (If different from Date Signed): 

Proceeds of Crime (Supervisory Bodies) (Designation of Supervisory Bodies) (Jersey) Order 200- (“the Order”).

MINISTER FOR ECONOMIC DEVELOPMENT (“THE MINISTER”)

 

PROCEEDS OF CRIME (SUPERVISORY BODIES) (DESIGNATION OF SUPERVISORY BODIES) (JERSEY) ORDER 2008 (“THE ORDER”)

  

  1. THE ISSUE AND RECOMMENDATION

 

  1. The Proceeds of Crime (Supervisory Bodies) (Jersey) Law 2008 (“the Law”) was registered in the Royal Court on 25 July 2008.  Article 46 of the Law provides that it will come into force on a day to be appointed by the States.  An Appointed Day Act has been lodged and is due to be debated on 9th September 2008.  The Act will bring the Law into force a week after it is passed.
  2. The Law provides for various persons to be supervised in respect of their compliance with AML/CFT legislation by a body to be prescribed by order of the Minister.  The Minister will recall that when the Law was before the States, he informed the States that it was his intention to appoint the Jersey Financial Services Commission (“the Commission”) as supervisory body in respect of all such persons, at least for the time being.  It is necessary for the effective operation of the Law that the Order prescribing the supervisory body or bodies should come into force at the same date as the Law, and this Order is as the Minister described to the States.
  3. It is therefore recommended that the Minister sign, date and seal the Order and that it be lodged au Greffe.

 

  1. CONTENTS OF THE ORDER

 

  1. The Order designates the Commission as a supervisory body to exercise supervisory functions in respect of all prescribed persons and all specified business carried on by prescribed persons.
  2. However, Article 3 of the Order provides for a sunset provision in relation to the oversight of lawyers and accountants.  As the Minister informed the States during the debate on the Law, the possibility of an alternative oversight body in relation to these sectors is still under consideration.  A suitable alternative oversight body would have to have the necessary resources and expertise to adequately oversee compliance with AML/CFT legislation.  At present no such body has been identified, but it is hoped that ongoing dialogue with these professions may identify a body able to take over this role after an 18 month period.  For that reason Article 3 provides for the Commission’s supervisory function in relation to lawyers and accountants to cease after 18 months.
  3. If, after 18 months, a suitable alternative oversight body has not been identified, then it is envisaged that the Commission will become the permanent oversight body in relation to all sectors.
  1. RECOMMENDATION

 

  1. It is recommended that the Minister sign, date and seal the Order and that it be lodged au Greffe.

 

ROBERT JONES

Finance Industry Development Assistant

04 September 2008

http://sojedmdav/livelinkdav/nodes/26224735/WR_Proceeds of Crime (Supervisory Bodies) (Designation of Supervisory Bodies) (Jersey) Order 200-.doc


 

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