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Virtual Currency Exchange: Regulation and Supervision: Law drafting instructions

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.

Ministers are elected by the States Assembly and have legal responsibilities and powers as “corporation sole” under the States of Jersey Law 2005 by virtue of their office and in their areas of responsibility, including entering into agreements, and under any legislation conferring on them 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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The Freedom of Information Law (Jersey) Law 2011 is used as a guide when determining what information is be published. While there is a presumption toward publication to support of transparency and accountability, detailed information may not be published if, for example, it would constitute a breach of data protection, or disclosure would prejudice commercial interest.

A decision made 20 November 2015:

MINISTERIAL DECISION REFERENCE:    MD-C-2015-0130

DECISION SUMMARY TITLE:  Law Drafting Instructions for Regulation and Supervision of Virtual Currency Exchange to prevent and Detect Money Laundering and the Financing of Terrorism and other amendments

DECISION SUMMARY AUTHOR:

Lead Policy Adviser, Financial Crime and Private Wealth

IS THE DECISION SUMMARY PUBLIC OR EXEMPT?  

Public

REPORT TITLE:  Law Drafting Instructions for Regulation and Supervision of Virtual Currency Exchange to prevent and Detect Money Laundering and the Financing of Terrorism and other amendments

REPORT AUTHOR OR NAME OF PERSON GIVING REPORT:  (if different from Decision  Summary Author)

Lead Policy Adviser, Financial Crime and Private Wealth

IS THE REPORT PUBLIC OR EXEMPT 

Exempt

(Article 35 – Freedom of Information (Jersey) Law 2011 – policy in the course of formation)

DECISION AND REASON FOR THE DECISION:

The Chief Minister’s Department consulted on Regulation of Virtual Currency for Jersey during July and August 2015. Following the consultation, a policy document was released outlining the policy that was to be adopted concerning regulation of virtual currency for Jersey. Information on that consultation and the policy document can be found at http://www.gov.je/Government/Consultations/Pages/RegulationVirtualCurrency.aspx .

 

The Assistant Chief Minister approved drafting instructions to develop that policy into draft legislation proposing amendments to the Proceeds of Crime (Jersey) Law 1999 (the “Proceeds of Crime Law”) and the Proceeds of Crime (Supervisory Bodies) (Jersey) Law 2008.  

 

The drafting instructions also address a number of outstanding amendments to anti-money laundering and countering the financing of terrorism policy that require amendments to the same pieces of legislation. The first concerns an Exemption in respect of property managers to Schedule 2 to the Proceeds of Crime Law, the second concerns extending Schedule 2 of the Proceeds of Crime Law to cover trustees of privately administered trusts.

RESOURCE IMPLICATIONS:

There are no resource implications save law drafting time for the States of Jersey as a result of this decision.

ACTION REQUIRED:

The Law Drafting Instructions to be sent to the Law Draftsman’s Office for action.

 

SIGNATURE:

 

 

SENATOR PHILLIP FRANCIS CYRIL OZOUF

POSITION:

 

 

ASSISTANT CHIEF MINISTER

 

 

DATE SIGNED

EFFECTIVE DATE OF THE DECISION

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