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JERSEY HAS PUBLISHED ITS 2023 MONEY LAUNDERING NATIONAL RISK ASSESSMENT [NRA] UPDATE.

21/09/2023

Jersey has refreshed and updated its 2020 money laundering risk assessment.

The 2023 update provides further details on banking, funds, TCSPs and the legal sector.

Read the 2023 update here:

Key findings

Overall, substantial progress has been made in all areas considered:

  1. Of the 10 residual risks set out in the 2020 ML NRA
    1. 2 have been fully addressed.
    2. 6 largely addressed, and
    3. 2 partly addressed.
  2. Due to work undertaken over the past three years, the national vulnerability position is now a solid medium compared to a borderline medium-high in 2020.
  3. The risk position of all four sectors remains unchanged, although there have been amendments to some inherent and control vulnerabilities; none have been significant enough to change the overall risk position.
  4. All those amendments addressing vulnerabilities have strengthened our ability to combat money laundering.

What happens next?

  1. Following this refresh, the 2020 residual risks and recommended actions have been refined to reflect the current ML risk position.
  2. Where appropriate, the recommended actions from this report will be added to the National Action Plan, which forms part of the National Strategy and is reported on regularly through the Government’s governance structure.
  3. The National Action Plan involves the Government, the regulator and the financial services industry working together to ensure that Jersey's defences against money laundering are as strong as possible.

 

SOURCE https://www.gov.je/Industry/Finance/FinancialCrime/NationalRiskAssesmnents/Pages/NRAMoneyLaundering2023.aspx

 

JERSEY

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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.  

news disclaimer -

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.