The latest annual report from the Jersey Financial Services Commission has highlighted Anti-Money Laundering/Countering the
Financing of Terrorism (AML/CFT) as a core ongoing area of focus, set to build on existing measures to address related underlying challenges.
In the words of Commission chairman Mark Hoban: "Our success relies on the Island's reputation, and this is permanently under scrutiny, not just every time there is an assessment. Therefore, our focus on AML/CFT is and will be a permanent priority for the Commission."
Jill Britton, director general, added: "Enhancing our capability and capacity in the fight against financial crime will remain our number one priority as we advance through 2022 and beyond."
The report lists fighting and preventing financial crime as the first in a list of key priorities tackled through the past year, as the organisation continued to develop capabilities to prevent such crime.
This has included addressing technical compliance capabilities, supervisory capabilities and inspection capabilities.
The AML/CFT objectives come against a backdrop of another year of growth in the number of applications supported by the authorisations team at the Commission, totaling 434 through the year, up from 339 the previous year.
To read the full report follow the link here: https://www.jerseyfsc.org/media/5675/jfsc-2021-annual-report.pdf
