By Elizabeth Hearst for AMLi
The Government of Jersey has launched an assessment into the financial crime risks posed by companies, partnerships and trusts on the island.
The review said the risk assessment will review the risks posed by money laundering, terrorist financing and the financing of the proliferation of weapons of mass destruction.
In a statement, the Government of Jersey said the data will be collected by the Jersey Financial Services Commission (JFSC) on behalf of the Government via questionnaires.
The JFSC is due to publish its report on its findings in 2023, reports the BBC.
In a statement, George Pearmain, Director of Financial Crime Strategy said: “The assessment forms part of the government’s continued drive to combat financial crime and to identify any areas for improvement in the island’s policies, procedures and legislation.”
“The data provided will enable a more detailed understanding of the risk levels for different legal persons and arrangements,” he added.
“Having access to accurate and current data is fundamental to the delivery of conclusions and recommendations that are relevant, practical and proportionate to the risks posed,” said Mr Pearmain.
In September 2020, AML Intelligence reported that the government of Jersey had released a report questioning its own AFC performance.
In its first ever National Risk Assessment (NRA) report of money laundering, it gave the island a score of 0.4/1 in quality of FIU Intelligence gathering and a score of 0.5/1 for capacity of resources for FC investigations.
The scores highlighted a potential vulnerability to financial crime on an island which, despite being easy to overlook geographically, ranks among the top 60 financial centres in the world in 2020.
One concern for the island was its lack of adequate training for FIU staff. Because of this, financial intelligence personnel have not had the relevant up-skilling to keep Jersey’s efforts at pace with international developments in AML practice, the report said.
We hope you enjoyed reading this article
If you would like unlimited access to AML Intelligence premium articles, newsletter delivered twice a week, access to our Global Bank Fines and Penalties database, free access to Boardroom Series events and much more, select one of our subscription options and become a subscriber!
