29/09/22

JERSEY: Jurisdiction publishes national strategy for combatting financial crime.

As published on channeleye.media, Thursday 29 September, 2022.

Two key documents have been published which set out Jersey’s approach to combatting financial crime.

The first of these documents, the ‘National Strategy for Combatting Money Laundering, the Financing of Terrorism and the Financing of Proliferation of Weapons of Mass Destruction’ sets out how Jersey will meet its long-term commitment to prevent and detect all forms of financial crime, and presents a detailed action plan for increasing the effectiveness of the Island’s regime.

The second document, the ‘National Statement on Financial Services and Financial Crime: Activities, Risk Appetite and Mitigation’ outlines the mains sources and types of risk that Jersey faces as an international finance centre, and provides a framework for how the Island identifies and mitigates those risks.

The Minister for Treasury and Resources, who has responsibility for the financial services sector, Deputy Ian Gorst (pictured), said: “We have a clear vision for the future of financial services, and that is for Government, industry, regulators, agencies and other stakeholders to work together.

“We want to create an environment in which the industry can continue to thrive. We will do that by facilitating its digital transformation, its transition into being a leading centre for sustainable finance, and – importantly – through its continued compliance with global standards.

“Together the strategy and statement create a clear plan for how Jersey will deliver against its commitment to combatting financial crime in all its forms and how we continue to play our role as a responsible global citizen.”

More than 250 senior members of the financial services sector have been briefed on the new documents as part of Government’s continued engagement with industry, under its ‘Combatting Financial Crime Together’ initiative.