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Proceeds of Crime (Financial Intelligence - Commencement of Amendment Regulations) (Jersey) Act 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 8 June 2023:

Decision Reference:  MD-CM-2023-357

Public

Subject: Lodge Draft Proceeds of Crime (Financial Intelligence – Commencement of Amendment Regulations) (Jersey) Act 202-

 

Report Title: Draft Proceeds of Crime (Financial Intelligence – Commencement of Amendment Regulations) (Jersey) Act 202-

Public

Decision(s):

The Assistant Chief Minister decided to lodge the Draft Proceeds of Crime (Financial Intelligence – Commencement of Amendment Regulations) (Jersey) Act 202- for debate by the States Assembly.

Reason for Decision(s):

The States Assembly made the Proceeds of Crime (Financial Intelligence) (Amendment) (Jersey) Regulations 2022 ('the 2022 Regulations') on 31st March 2022, in order to achieve better compliance with Financial Action Task Force (FATF) Recommendation 29. However, the 2022 Regulations have not yet been brought into force, as the Jersey Financial Intelligence Unit (JFIU) Governance Board had to be formed first and a Memorandum of Understanding developed. Since the making of the 2022 Regulations, the Board has been established and is meeting on a quarterly basis whilst a Memorandum of Understanding is being developed. The Assistant Chief Minister therefore decided to lodge this Act for debate by the States Assembly, in order to bring the 2022 Regulations into force in time for the MONEYVAL assessment.

Resource Implications: There are no immediate financial or manpower implications as a direct result of the making this Act. Increased funding for resources in the FIU as a result of the 2022 Regulations has already been agreed by the States Assembly in the Government Plan 2022-2025. However, further funding will be needed in the longer term to complete the transition of the FIU from a police sub-unit to a fully independent agency and a request for additional future funding is currently being drafted.

 

Action Required: Officers to request the Greffier of the States to arrange for the item(s) to be lodged 'au Greffe' for debate at the States sitting due to take place on 18 July 2023.

Signature:

 

 

Signed By: Deputy Elaine Millar

Date Signed:

 

 

Date of Decision (If different from Date Signed):

 

 

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