Jersey CDD exceptions fall away after FATF issues grey list rating
25/02/2023
In Jersey, you cannot apply for the legal CDD exemptions [MLJO Articles 17 B-D & 18] if your clients are on the FATF BLACK/GREY list,
For example, If you have clients resident in Nigeria or South Africa [see update below]
- CDD Exemptions under Articles 17 B-D & 18 of the Money Laundering Order DO NOT apply where
- The customer is resident in a country that is not compliant with the FATF recommendations[GREY LIST]
- The customer is a person in respect of whom Article 15(1)(c) applies (an “enhanced risk state”[BLACK LIST]
- AML/CFT/CPF Codes of Practice [Pg. 172 – 146]
- The concession must not be applied in the following circumstances:
- Where the customer is resident in a country or territory that is not compliant with the FATF Recommendations.
- The concession must not be applied in the following circumstances:
Please note
THE JFSC has published updated versions of Appendix D2 of the AML/CFT/CPF Handbook to consider the latest Financial Action Task Force (FATF) statements of 24 February 2023.
The following are the highlights from FATF on 24 February 2023.
- Grey list update - Jurisdictions under Increased Monitoring - 24 February 2023
- Paris, 24 February 2023 - Jurisdictions under increased monitoring are actively working with the FATF to address strategic deficiencies in their regimes to counter money laundering, terrorist financing, and proliferation financing. When the FATF places a jurisdiction under increased monitoring, it means the country has committed to resolving swiftly the identified strategic deficiencies within agreed timeframes and is subject to increased monitoring. This list is often externally referred to as the “grey list”.
- Nigeria added to the Grey List
- South Africa added to the Grey List
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As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.