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ARTICLE · 16 MARCH 2023

Action Required Following Changes To Jersey's Proceeds Of Crime Legislation

Ogier
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Entities should now take action to assess whether they are in scope and therefore subject to relevant obligations under the AML/CFT/CPF regime.

JerseyFinance and Banking
Emily Haithwaite
Emily Haithwaite
Matthew Shaxson
Matthew Shaxson
Niamh Lalor
Niamh Lalor
Sophie Reguengo
Sophie Reguengo
Matt McManus
Matt McManus
Neo Tshikalange
Neo Tshikalange
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The Proceeds of Crime (Jersey) Law 1999 (the Proceeds of Crime Law) has been amended to align more closely with the Financial Action Task Force (FATF) Standards, which comprise International Standards on Combating Money Laundering and the Financing of Terrorism & Proliferation (the Recommendations) and Methodology for Assessing Technical Compliance with such Recommendations. The amendments are anticipated to bring a significant number of entities that operate in or from within Jersey within Jersey's regime for the prevention and detection of money-laundering, the countering of terrorist financing and the countering of proliferation financing (AML/CFT/CPF). Entities should now take action to assess whether they are in scope and therefore subject to relevant obligations under the AML/CFT/CPF regime.

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