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Jersey Taskforce To Assess AML/CTF Risks

by Jason Gorringe, Lowtax.net, London
05 October, 2017

Jersey's anti-money laundering and countering the financing of terrorism taskforce, the Jersey Financial Crime Strategy Group, has announced it will conduct a national risk assessment of threats posed to the island.

The risk assessment is due to be completed by May/June 2019, when a report and action plan will be published. The Financial Action Task Force, which sets the global standards for combatting financial crime, now requires all countries to identify, assess, and understand the risks posed by money laundering and terrorist financing.

The Jersey Financial Crime Strategy Group is a multi-departmental group that reports to the Chief Minister and is responsible for mitigating the risk of financial crime in Jersey. Its responsibilities involve coordinating risk assessments, reviewing and developing financial crime policies and legislation, and ensuring an appropriate risk-based application of resources.

Like many other jurisdictions in Europe, Jersey will be using a methodology developed by the World Bank to help its national risk assessment.

Chair of the Jersey Financial Crime Strategy Group, Richard Corrigan, said: "While this is not the first time Jersey has considered money laundering and terrorist financing risks, the national risk assessment will be the most comprehensive assessment of these risks to date, and its conclusions will be instrumental in taking future policy decisions. We are pleased to be working very closely with the World Bank using an assessment methodology that has already been successfully applied in many other parts of Europe, including financial centers."

The members of the Jersey Financial Crime Strategy Group are: the Chief Minister's Department, Ministry of External Relations, Comptroller of Income Tax, Community and Constitutional Affairs Department, Law Officers' Department, Jersey Financial Services Commission, Jersey Police, Jersey Customs and Immigration Service, Joint Financial Crimes Unit, Jersey Gambling Commission, and Law Draftsmen's Office.


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