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JFSC AML/CFT Handbook updates following changes to the Proceeds of Crime Law [AMEND 5&7]

30/06/2022

To reflect recent amendments to the Proceeds of Crime (Jersey) Law 1999 (the Proceeds of Crime Law), The JFSC has made some administrative changes to the Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) Handbook.

What are the legal changes

On 21 April 2022,

  • The Proceeds of Crime (Amendment No.5) (Jersey) Law 2022came into force.
  • Among other things, this amendment expanded the scope of Part 3 of the Proceeds of Crime Law regarding criminal property and the proceeds of criminal conduct.
    • 28              Article 29 (criminal property) amended
    • 29              Article 30 (offences of dealing with criminal property) amended
    • 30              Article 31 (concealment etc. of criminal property) amended
    • 31              Article 32 (protection for disclosures and defence of intended disclosure) amended
    • 32              Article 34D (failure in a financial institution to report to a designated police officer, designated customs officer or nominated officer) amended
    • 33              Article 35 (tipping off and interference with material) amended

On 24 June 2022

  • The Proceeds of Crime (Amendment No.7) (Jersey) Law 2022came into force.
  • This amendment creates the new offence of failure to prevent money laundering. It also makes further provisions for where offences are committed by limited liability partnerships, separate limited partnerships, incorporated limited partnerships and other bodies corporate.
  • the full list of changes are:-
    • 1                 Proceeds of Crime (Jersey) Law 1999 amended
    • 2                 New Article 35A (offence of failure to prevent money laundering) inserted
    • 3                 Article 37 (procedures to prevent and detect money laundering) amended
    • 4                 New Article 39A (offences by bodies corporate and others) inserted

Changes to the Handbook

  • The JFSC have made amendments to Sections 1, 6, 8, 13 and 16 
  • The changes to the Handbook are purely administrative in nature. They do not add to, or amend, any AML/CFT Codes of Practice

Formatting changes

The JFSC changes include:

  • Simplifying the colour-coded headings and removing the letter labels (apart from the sector-specific sections 11-16)
  • Amending the tables in the following sections so they are more apparent and do not rely on colour-coding
    • Section 2.4.4
    • Section 5.1
    • Section 7.13 
    • Section 13.3

These changes are effective immediately.

 

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.  

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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.