MONEYVAL’s Report – 4th Assessment Visit of Jersey
On May 24, 2016, The Council of Europe’s Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL) published its report on the anti-money laundering and counter-terrorist financing measures (AML/CFT) in place in Jersey during their on-site visit in January.
The report finds that although Jersey was compliant or largely compliant with all but one of the 40 Financial Action Task Force (FATF) recommendations and nine special recommendations. In a statement made by the Council of Europe it said “Jersey has a mature and sophisticated regime for tackling money laundering and the financing of terrorism, as well as an internationally-recognised mechanism to ensure transparency of beneficial ownership information”.
MONEYVAL’s report also suggests that, for its size and the characteristics of the island’s finance sector, Jersey should have a higher number of money laundering investigations and prosecutions, adding that, despite Jersey’s comprehensive legal framework, the number of confiscations were low.
The regulator is likely to be satisfied with the outcome of the visit and findings. With an ever increasing focus on assessing the effectiveness of Jersey’s AML/CFT regime, any action is likely to be focused on SAR reporting and documentary evidence with respect to source of funds and wealth for high risk customers.
Regulated business should review their AML/CFT arrangements and their policies and procedures on SAR reporting and documentary evidence of source of funds in order to ensure compliance in the event of increased scrutiny from the JFSC.
How can Duff & Phelps help:
Our highly qualified team of former regulators and experienced consultants allows us to offer a broad range of regulatory services, from authorizations and ongoing compliance arrangements, to mitigating risks such as anti-money laundering through appropriate governance, systems and controls, preparing for regulator visits or investigations, or oversight and risk management services for regulated funds.