MONEYVAL, a permanent monitoring body of the Council of Europe that assesses jurisdictions’ compliance and effectiveness in combatting financial crime, published their Mutual Evaluation Report (MER) of Jersey on 24th July 2024.
The report was a very strong result for Jersey, confirming the island’s effectiveness in preventing financial crime is among the highest level found in jurisdictions around the world.
As with every MONEYVAL evaluation, the MER also contains a set of Recommended Actions to strengthen Jersey’s anti-money laundering and countering the financing of terrorism (AML/CFT) measures.
Jersey’s report contained 54 Recommended Actions directed at a range of Jersey authorities with AML/CFT responsibilities, including the JFSC. 13 of these actions were identified as priority actions and have been addressed in the Government of Jersey’s National High Level Action Plan, also published on 24 July 2024.
Scope and purpose of the plan
This plan outlines how the JFSC will respond to the Recommended Actions that are solely for the JFSC to complete. It does not cover recommendations that the JFSC may contribute to alongside other Jersey authorities.
The JFSC say they developed this plan to support a smooth and effective implementation: “We have given as much detail as possible at this stage, while identifying those areas where more analysis is needed. There are actions which will need to be developed further.
“For many of the Recommended Actions, at this stage we have provided our timeframes for completion of the first stage of work. Following this, further work and timeframes will be scoped out and communicated.
“We will continue to prioritise engagement with industry bodies and members of the industry as we progress our response to the JFSC-specific Recommended Actions, alongside working closely with the Government of Jersey and other Jersey authorities.
“As we continue this work, and work alongside other Jersey agencies, priorities and deadlines may change. We will continue implementing the recommendations while also remaining flexible to changes to our schedule, based on national priorities. We will also provide updates on our progress against this plan.
“Combatting financial crime and the other serious harm it facilitates is our responsibility as members of the international community. It is also fundamental to Jersey’s long-term economic success. We remain committed to working alongside our stakeholders to comply with the MONEYVAL Recommended Actions.”
Click here to read the action plan.
Main image shows Jill Britton, Director General at the Jersey Financial Services Commission.
