Adjusting The Scope Of Schedule 2

Schedule 2 recast

In January 2023, Schedule 2 of the Proceeds of Crime (Jersey) Law 1999 (Schedule 2) was recast such that scope exemptions were removed, definitions were aligned with FATF Standards and the scope of Jersey's anti-money laundering (AML) legal and regulatory framework was significantly expanded. Our detailed explanation of the changes that were introduced can be found here.

Since the recast of Schedule 2 in 2023, industry has grappled with requirements and obligations for those that found themselves in scope of the AML framework and in some areas, ambiguity as to exactly which activities and operations are deemed to be in scope.

Financial Services Competitiveness Programme