Jersey Sanctions Updated JFSC Guidance
21/06/2022
The JFSC has made updates to its Sanctions pages following the amendments of the Sanctions and Asset-Freezing Law
The JFSC has updated its website to reflect the current amendments to the Sanctions and Asset-Freezing (Jersey) Law 2019, effective from 8 June 2022.
- Sanctions webpages https://www.jerseyfsc.org/industry/international-co-operation/sanctions/ and
- The Financial Sanctions Practical Guidance https://www.jerseyfsc.org/industry/international-co-operation/sanctions/financial-sanctions-practical-guidance/
What does this mean?
These updates concern the implementation of targeted financial sanctions. They must be adhered to immediately to comply with the Financial Action Task Force (FATF) technical requirements of Recommendation 6 and Recommendation 7.
These recommendations concern Targeted Financial Sanctions (TFS) related to terrorism, and TFS related to financing weapons of mass destruction proliferation, respectively.
The purpose of the TFS regime is to ensure that designated persons involved in terrorism and the proliferation of weapons of mass destruction are prevented from raising, moving and using funds, assets and other resources.
Next steps
The new amendments have also expanded reporting obligations of the relevant financial institutions.
The JFSC is asking INDUSTRY [MLRO] to review these changes and submit a Sanctions Compliance reporting form to report any attempts to breach or circumvent sanctions to the Minister for External Relations and Financial Services.
SOURCE
- https://www.jerseyfsc.org/news-and-events/we-have-made-updates-to-our-sanctions-pages-following-the-amendments-of-the-sanctions-and-asset-freezing-law/
- Sanctions webpages https://www.jerseyfsc.org/industry/international-co-operation/sanctions/ and
- The Financial Sanctions Practical Guidance https://www.jerseyfsc.org/industry/international-co-operation/sanctions/financial-sanctions-practical-guidance/
The Team
Meet the team of industry experts behind Comsure
Find out moreLatest News
Keep up to date with the very latest news from Comsure
Find out moreGallery
View our latest imagery from our news and work
Find out moreContact
Think we can help you and your business? Chat to us today
Get In TouchNews 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.
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.