The largest of the Channel Islands, Jersey is a self-governing
dependency of the United Kingdom and a well-known financial centre.
While not a Member State of the European Union, the island has
passed implementing regulations which enter EU sanctions in force,
explain Nicola Roberts and Leon Hurd.
The global regulatory focus on ensuring compliance by businesses
and financial institutions with economic sanctions is just as
significant in the island of Jersey as it is in major onshore
jurisdictions. Robust sanctions compliance is of central importance
to financial services businesses, a point made all the more
important by the impact of recent EU sanctions on corporate and
trust services providers on the island. Understanding the operation
of various economic sanctions, and having systems in place to
ensure that customer on-boarding and ongoing monitoring processes
capture sanctions risks, is of the utmost importance in light of
the severe penalties in place for either
