Anti-Money laundering/countering the financing of terrorism strategy group

22 October 2008

The Anti-Money Laundering/Countering the Financing of Terrorism Strategy Group (the “ AML /CFT Strategy Group ”) had today (Wednesday 22 October 2008) published an Island strategy to counter money laundering and the financing of terrorism (the “ Strategy Document ”).

The aim of the Strategy Document is to set out:

• The Strategy Group’s commitment to preventing and detecting money laundering and terrorist financing, including the investigation and prosecution of money laundering and terrorist financing offences;
• The key money laundering and terrorist financing vulnerabilities that Jersey faces, which are similar to those faced by other jurisdictions;
• Areas where vulnerabilities have been identified but where work to address them has already started, and that work continues.

The Strategy Document sets out three goals to tackle the vulnerabilities that have been identified.

The first goal is to raise awareness of AML/CFT obligations that are set out in legislation and Codes of Practice in those sectors considered to have lower awareness.

The second goal is to raise awareness of typologies[1] that are relevant to Jersey including the risks arising from the nature of the customer base and products associated with Jersey as an international finance centre.

The third goal is to raise awareness of the importance of considering the competence and probity of employees at the time of recruitment and on an ongoing basis thereafter.

Whilst this is the first time that vulnerabilities have been recorded and presented in a formal document, historically, the Island has been proactive in identifying and addressing vulnerabilities by, for example, introducing legislation to strengthen AML/CFT defences.

The Strategy Group intends to seek political support for the Strategy Document from the Council of Ministers once this autumn’s elections are over.

Strategy Document (This will open in a new window)

Document Type: Adobe PDF
Size: 172Kb

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 Notes to Editors.

1.      The AML/CFT Strategy Group is chaired by the Chief Executive of the States and comprises officers from the following government departments and agencies:  the Chief Minister’s Department, the Economic Development Department, the Law Officers’ Department, the Joint Financial Crimes Unit, the Jersey Financial Services Commission, and the Shadow Gambling Commission.

2.      The purpose of the AML/CFT Strategy Group is to provide a forum for the Island agencies represented on the group to liaise, discuss and develop coordinated strategies and policies to enhance Jersey’s capability to prevent and detect financial crime and terrorist financing.

3.      The Strategy Document can be downloaded from the States website (Chief Minister’s Department) and the website of the Jersey Financial Services Commission.

4.      The Jersey Financial Services Commission provides the secretariat to the AML/CFT Strategy Group.