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Jersey Praised In Anti-Money Laundering Report

by Amanda Banks, Lowtax.net, London
25 May, 2016

Jersey is a "well-established international financial center, with a mature and sophisticated anti-money laundering and counter-terrorism financing regime" according to a report issued by the Council of Europe.

The report published on May 24 by MONEYVAL - the Council of Europe's Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism - also notes that Jersey's beneficial ownership regime puts it at the forefront of the transparency agenda, and that Jersey is compliant or largely compliant with 48 of the 49 Financial Action Task Force (FATF) Recommendations (2003).This places it in the top tier of jurisdictions assessed under those criteria.

Geoff Cook, CEO of Jersey Finance, commented: "This is an excellent report for Jersey, coming from the Council of Europe's experts in this area and placing it unequivocally in the top tier of jurisdictions globally regarding transparency and countering financial crime. Not only does it confirm that Jersey's beneficial ownership regime is of a uniquely high caliber globally, it also reflects that the wider frameworks and supervisory systems in place set it apart from most other jurisdictions."

John Harris, Director General of the Jersey Financial Services Commission, remarked: "We are very pleased that the extensive MONEYVAL process has concluded with this very positive report which more than stands comparison with all other financial centers in terms of performance against FATF recommendations."

"One area for improvement highlighted in the report is the relatively low number of money laundering convictions and confiscations, a matter which the island's authorities have already committed to resolve."

Jersey's Attorney General, Robert MacRae stated: "Jersey is committed to combating financial crime. Over the last decade we have had substantial success in investigating and prosecuting financial crime, and confiscating the assets of convicted criminals. We welcome the report's recommendations. We will be working together with the relevant authorities to further combat financial crime in order to increase the number of cases resulting in convictions and confiscations."

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