MONEYVAL's report on Jersey published today (24 July) has concluded that the island crown dependency has performed well against international standards for anti-money laundering and countering terrorist financing.
The publication of the Fifth Round Mutual Evaluation Report is the culmination of a two-year period of assessment and a peer review process, following a visit by a team from MONEYVAL – The Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism – in late 2023.
In particular, the report notes that in respect of risk understanding and national co-operation and co-ordination, Jersey reaches a level of effectiveness that is among the highest in those jurisdictions assessed, and is praised for the accuracy and transparency of beneficial ownership information for legal persons and arrangements.
Key conclusions from the report include:
• In respect of risk understanding and national co-operation and co-ordination, Jersey
reaches a level of effectiveness only seen in three other jurisdictions worldwide
• Jersey is praised for the accuracy and transparency of beneficial ownership information
for legal persons and arrangements, with the report recognising the range of
mitigating measures in place to reduce risk which occur in few other countries
• Jersey is recognised for its important and effective role in providing mutual legal
assistance and other international co-operation, demonstrating its commitment to
being a responsible international partner
• No “fundamental improvements” are required to the Jersey regime
• There are recommendations for improvements in the areas of supervision,
preventative measures, financial intelligence and investigation and prosecution, where
many actions are already underway
The minister for financial services, Deputy Ian Gorst, said: “This report demonstrates Jersey’s ongoing commitment to complying with international standards. I hope that it gives the industry and investors confidence in the future of Jersey as a responsible international finance centre. We can use the report as a foundation on which to build sustainable and reliable growth by using it to show that Jersey takes effective action to prevent the channeling of illegal funds, and enable honest and transparent economic growth around the world.
“The work to combat financial crime is not over, and never will be. Like every other jurisdiction Jersey will have to continue to adapt to meet changing threats. The report endorses our current national strategy and much of the work we are already doing, but we will also address the recommendations made for improving our system. We will do so in a
proportionate and reasonable manner, and through proper consultation with industry.”
Jersey Finance also welcomed the findings of MONEYVAL assessment.
Joe Moynihan (pictured), CEO of Jersey Finance, said: “This Report, which is produced in line with agreed international standards, is a strong endorsement of Jersey’s capabilities as a jurisdiction in combatting financial crime and reflects its commitment to upholding the very highest standards on the global stage. It is a report that should send a powerful and positive message to investors around the world and give them confidence in Jersey’s current and future standing.
“Its publication, following an extensive review and engagement process, reflects in particular the substantive joined-up approach of our industry, working in tandem with the Government of Jersey, the Jersey Financial Services Commission and other agencies, and we thank them all for their efforts to evidence Jersey’s standing as a responsible and reputable jurisdiction.
“Recognising that the long-term direction for international financial services is towards greater sophistication in tackling financial crime, we remain committed to delivering this as a jurisdiction to stay at the forefront of cross-border financial services.”
