Jersey businesses have welcomed the latest findings from MONEYVAL following the publication of its assessment of the jurisdiction.
International assessors from MONEYVAL, (short for the Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism) visited the Island in 2023 and published its findings this week evaluating the measures taken to combat money laundering and the financing of terrorism.
The key findings were:
- MONEYVAL commends Jersey for taking steps to strengthen its legal and regulatory framework to combat money laundering (ML), financing of terrorism (FT) and financing of proliferation (FP)
- On the operational side, Jersey has achieved a high level of effectiveness for its understanding of ML/TF risks and implementing adequate AML/CFT policies and strategies to mitigate them.
- The operational independence of Jersey’s Financial Intelligence Unit (FIU) and its resources have significantly improved since the last MONEYVAL assessment.
Local businesses have welcomed the assessment.
JTC
Commenting on the report, Kenny Rae (pictured), Managing Director of JTC in Jersey, said: “We welcome the findings of the latest MONEYVAL report which once again confirms that Jersey’s effectiveness in preventing financial crime is among the highest level found in jurisdictions evaluated around the world.
“The Jersey financial services industry has proven that it continues to lead the way when it comes to upholding the highest standards and demonstrating its resilience towards tackling financial crimes. We would like to praise the hard work undertaken by the Jersey Financial Services Commission and the Government of Jersey for facilitating the assessment and achieving such a positive outcome for the jurisdiction.”
Appleby
James Gaudin, Managing Partner, said: “This independent recognition from MONEYVAL is a strong endorsement of Jersey’s ongoing commitment to be a global leader in upholding the highest standards in combatting financial crime.
“We are committed to working with the island’s regulatory bodies and supervisors to promote Jersey’s reputation as a responsible jurisdiction to look to and welcome the positive message the report gives to the rest of the world.”
