About the evaluation report
The MONEYVAL Fifth Round Mutual evaluation report was published on 24 July 2024.
It assesses Jersey against international standards to determine the effectiveness of the Island’s anti-money laundering and counter-terrorist financing measures.
The report concluded that Jersey’s effectiveness in preventing financial crime was among the highest level found in jurisdictions evaluated around the world.
Key conclusions include:
- in respect of risk understanding and national co-operation and co-ordination, Jersey meets a standard only seen in three other jurisdictions worldwide
- praise for Jersey's accuracy and transparency of beneficial ownership information for legal persons and arrangements, with the report recognising the range of mitigating measures in place to reduce risk which occur in few other countries
- recognition for Jersey's important and effective role in providing mutual legal assistance and other international co-operation, demonstrating its commitment to being a responsible international partner
- no “fundamental improvements” are required to the Jersey regime.
- recommendations for improvements in the areas of supervision, preventative measures, financial intelligence and investigation and prosecution, where many actions are already underway
Jersey MONEYVAL report is explained in the following video.
MONEYVAL acknowledges Jersey’s progress on Council of Europe
Jersey Fifth Round Mutual Evaluation Report Executive Summary
Post-MONEYVAL Ministerial priorities and high-level action plan
Financial Action Task Force (FATF)
The FATF is the global money laundering and terrorist financing watchdog.
It makes recommendations to help combat the misuse of financial systems. The recommendations are revised regularly to reflect evolving money laundering trends and to deal with specific issues such as:
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organised crime
- corruption
- terrorism
They also help authorities go after the money of criminals dealing in:
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illegal drugs
- human trafficking
- other crimes
The FATF also works to stop funding for weapons of mass destruction.
The FATF methodology has been:
- endorsed by over 200 countries and jurisdictions
- universally accepted to set the international standard for anti-money laundering (AML)
- countering the financing of terrorism (CFT)
The Financial Action Task Force (FATF)
MONEYVAL
MONEYVAL is the Committee of Experts which evaluates AML and CFT measures within Europe.
It assesses compliance with the international standards (including the FATF Recommendations) and then reviews the effectiveness of their implementation.
Since 1 January 2011, MONEYVAL has been an independent body reporting directly to the Council of Europe Committee of Ministers.
Other agencies, known as FATF Style Regional Bodies (FSRBs), perform the same role in other areas of the world. MONEYVAL is the assessing agency in Europe.
MONEYVAL undertakes a number of tasks, including: the assessment of its members' compliance with all relevant international standards in the legal, financial and law enforcement sectors.
This is done through a peer review process of mutual evaluations, which involves questionnaires and an onsite visit to conduct interviews with relevant stakeholders.
Mutual Evaluation Reports provide highly detailed recommendations on ways to improve the effectiveness of domestic regimes to combat money laundering and terrorist financing and members capacities to co-operate internationally in these areas.
If a jurisdiction has failed to meet the required standards it can be grey listed, or in the most serious cases black listed, although only 2 countries are presently so defined.
MONEYVAL in brief
gov.je