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Home News JFSC highlight money launderers who targeted a jeweller - no convictions or regulatory sanctions to date
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JFSC highlight money launderers who targeted a jeweller - no convictions or regulatory sanctions to date

21/03/2023

The JFSC has highlighted on its website the following JERSEY events

  • A group of criminals held £50,000 in cash gained from drug trafficking.
  • They targeted a high-street jewellery business which held a high-value dealer licence.
  • Within a few days, each person in the group repeatedly visited the jewellery shop to purchase items.
  • Whilst none of them spent more than £12,500 in a single transaction, together they laundered £50,000 into jewellery, which could then be enjoyed or re-sold for a profit.
  • The staff who took payments did not identify that the persons were operating together, and they did not consider the total amount spent by the group over multiple days.
The JFSC suggest the failure consequence
  • If the business had more effective controls in place in line with the Handbook, they would have applied CDD measures and may have formed a suspicion that money laundering was taking place.
  • The business in this example appears to be involved in money laundering and may be found guilty of the offence of dealing with criminals.
  • The business failed to have relevant procedures to prevent and detect money laundering in line with the Money Laundering Order (MLO).
  • They may be found guilty of an offence of contravening or failing to comply with a requirement contained in any Order made under Article 37 of the Proceeds of Crime Law.
  • In addition, the business may be found to have broken AML/CFT Codes of Practice within the Handbook and may be subject to proceedings by the JFSC.
Comsure
  • As of today [21 March 2023], Comsure is unaware of any action being taken against the high-street jeweller
SOURCE –
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.