JERSEY Financial Sanctions Notice: Sanctions and Asset-Freezing (Amendment No. 3) (Jersey) 2023
03/08/2023
The Sanctions and Asset-Freezing (Amendment No. 3) (Jersey) Law 2023 (the "Amendment") will amend the Sanctions and Asset-Freezing (Jersey) Law 2019 (the "SAFL"), and come into force on Monday, 17 July 2023.
This financial sanctions notice highlights a number of the changes made to SAFL by the Amendment:
- General licences
- Reporting obligations
- Power to require information
- Extra-territorial extent
General Licences
- The Amendment will enable all UK General Licences to be given full automatic effect in Jersey by Ministerial Order.
- This is only possible for the non-asset-freeze elements of a UK General Licence.
Reporting Obligations
The reporting obligation to provide information in Article 32(2) of SAFL is enhanced as follows:-
- When making a sanctions compliance report to the Minister for External Relations (the "Minister"), Relevant Financial Institutions (as defined in Article 1 of SAFL) will be required to include information on any actions taken in compliance with obligations imposed under Article 37 of the Proceeds of Crime (Jersey) Law 1999 that brings about the Money Laundering (Jersey) Order 2008).
Power to require information
- The Amendment will introduce a new power for the Minister to request information relating to a decision on whether to make, vary, or revoke an autonomous terrorist asset-freeze designation made under Part 4 of SAFL.
Extra-territorial extent
- The Amendment will remove the requirement for an individual to be a UK national and ordinarily resident in Jersey regarding conduct that takes place wholly or partly outside of Jersey. The amended extra-territorial extent provision will apply to individuals ordinarily resident in Jersey, whether or not they are also UK nationals.
Guidance
- The sanctions guidance on gov.je will be updated to reflect these changes when the Amendment comes into force.
All the details are in the Written Report and the Explanatory Note to the Amendment.
Source
- Published by External Relations
- Type Sanctions
- Date published 10 July 2023
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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.