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ARTICLE · 26 MAY 2023

More Changes To Jersey's Anti-Money Laundering Regime (AML)

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A consultation was published by the Government of Jersey on 12 May 2023 proposing changes to the Money Laundering (Jersey) Order 2008 (MLO).

JerseyGovernment, Public Sector
Andrew Weaver
Andrew Weaver
Gemma Palmer
Gemma Palmer
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A consultation was published by the Government of Jersey on 12 May 2023 proposing changes to the Money Laundering (Jersey) Order 2008 (MLO). The proposed amendments look to align, clarify or expand existing provisions in the MLO in line with international standards and best practices. Inter alia, it is proposed that the existing additional obligations imposed on financial groups regarding group-wide policies and procedures also apply to groups of designated non-financial businesses and professions.

Amongst the changes, there is also a welcome proposal to enable the declassification of Politically Exposed Persons (PEPs), after a certain period and subject to the application of a risk-based approach.

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