Jersey is to carry out a national risk assessment to determine the threats posed to the island by money laundering and terrorist financing.
It will be led by The Jersey Financial Crime Strategy Group (JFCSG), which is responsible for mitigating the risk of financial crime in Jersey.
The Financial Action Task Force, which sets the global standards concerning financial crime, now requires all countries to identify, assess and understand the risks posed by money laundering and terrorist financing.
Jersey’s risk assessment is expected to be complete by June 2019, when a report and action plan will be published.
While this is not the first time that Jersey has considered money laundering and terrorist financing risks, the national risk assessment will be the most comprehensive assessment of them.
While Jersey is far from being the biggest financial player in world markets, it has long been recognised as a tax haven. The fact that even such a small island with such a reputation for tax advantages is now making a thorough and serious attempt to ensure it is not falling prey to money launderers is a clear indicator of the international community’s increasingly tough approach to laundering.
Financial gateways for launderers are being closed, international cooperation between investigating authorities is greater than ever before and the scrutiny of money’s origins is at its highest. This means that those in business must make sure they take all necessary steps to avoid being involved in it.
Read our article: THE NEED TO PREVENT MONEY LAUNDERING – EVERYWHERE