Jersey Gov listen to consultation and adjust fining proposal
18/01/2022
The Government response paper on the Civil Financial Penalties Consultation is published and is here:-
As explained in the response paper,
- whilst the finalised legislative proposals generally reflect the recommendations outlined in the consultation; certain modifications have been made in the light of comments raised during the consultation process.
The fundamental changes are:
- Money Laundering Compliance Officers and Compliance Officers have been removed from the scope of the CFP regime unless they also occupy a senior management function.
- Regarding the lookback window,
- The time limit for entities is removed,
- A limit of six years for individuals is included.
- Only the turnover of the contravening entity will be in scope for CFP calculations rather than the aggregate turnover of the entity and its associated persons.
The draft primary legislation required to effect the changes is lodged for debate on 18 January 2022, and a copy of this legislation is here.
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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.