Jersey MoneyVal – x4 significant quotes that may provide some relief to many.

Now the dust has settled following the publication of Jersey’s Mutual Evaluation Report by MONEYVAL, WHERE the Council of Europe’s permanent monitoring body confirmed that Jersey’s effectiveness in preventing financial crime is among the highest levels found in jurisdictions evaluated around the world; it worth focussing on what has been said and by whom.

Four quotes stood out; these were:-

George Pearmain (Director of Financial Crime Strategy at Government of Jersey) [@ Radisson event]

• "The pace won't be the same but there will be some change."
• What welcome news this is!
• Some regulatory change is to be expected but a more manageable pace than the last couple of years will help to ensure that everyone keeps up and that future changes will be well considered and effectively implemented.

Jill Britton (Director General, JFSC)[@ Radisson event]

• "The JFSC will not be moving to an enforcement first approach."
• The approach described, with a continued focus on risk, so that the most serious cases will be enforced, represents a reassuring continuation of what we have seen for several years.

Jill Britton (Director General, JFSC)[press release]

• Some of the actions we will take include:
• Undertaking a review of how we assess supervisory findings which will help boards and compliance functions further their understanding of seriousness
• Ensuring the right enforcement action is taken at the right time and that actions continue to be carefully considered based on the severity of the breaches identified and associated risks

JFSC UPDATE [news post]

• The report also confirms that the JFSC has all the key structures, powers, and activities in place.
• Assessors recognised the strengths of the beneficial ownership regime, and JFSC colleagues’ knowledge, skills and expertise. In line with the report’s recommended actions, we must now continue to enhance our approach.
• We have put in place a high-level action plan to address the key recommended actions and will expand further on this in the autumn, along with a programme of industry engagement.
• Alongside announcing the outcome of Jersey’s MONEYVAL report, the Government of Jersey has today announced that they will lead a strategic review of the approach to regulation of financial and professional services.
• The review is a key opportunity for Jersey to collaboratively modernise and simplify the legal and regulatory framework.
• The scope of the review is being finalised and further communications will follow.

SOURCE

• https://www.jerseyfsc.org/industry/international-co-operation/international-assessments/moneyval/2024-moneyval-evaluation/
• https://www.comsuregroup.com/news/the-jfsc-welcomes-jersey-s-strong-moneyval-outcome-and-government-of-jersey-s-strategic-review/
• https://www.jerseyfsc.org/news-and-events/the-jfsc-welcomes-jersey-s-strong-moneyval-outcome-and-government-of-jersey-s-strategic-review/