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Jersey Begins Comprehensive Money Laundering Review

by Jason Gorringe, Lowtax.net, London
19 March, 2018

As part of the first phase of the island's wider money laundering and terrorist financing national risk assessment, the Jersey Financial Services Commission has begun a comprehensive data collection project from licensees.

The national risk assessment is being undertaken to comply with international money laundering and countering the financing of terrorism standards. These standards require all countries to identify, assess, and understand money laundering and terrorist financing risks, and take action and apply resources to effectively mitigate these risks.

The Commission says it has sent an email to all reporting entities inviting them to begin the data collection process. Reporting entities are required to complete a questionnaire, which is in Microsoft Excel format and can be downloaded from the Commission's online myJFSC portal. Guidance has been issued to assist entities. Once completed, questionnaires should be submitted to the Commission via the myJFSC portal.

Answers to frequently asked questions (FAQs) have been released on the Commission's website. The Commission says these FAQs will be updated to cover all queries it receives from industry during the data submission period.

The due date by which reporting entities must complete and submit this first phase of data collection is April 25, 2018. Licensees who have not received an email inviting them to begin this first phase of data collection are advised, in the first instance, to review the FAQ section of the Commission's website to establish whether they are required to complete the questionnaire.

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