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MONEYVAL x2 critical recommendations for the JFSC to enhance its supervisory process.

14/03/2025

In 2024, MONEYVAL published its Mutual Evaluation Report (MER) for Jersey, which included several recommendations for the Jersey Financial Services Commission (JFSC).

The report highlighted the effectiveness of Jersey's measures to combat financial crime, noting that the JFSC has robust structures, powers, and activities in place.

Specifically, MONEYVAL recommended that the JFSC enhance its supervisory process by:

  • Review how supervisory findings are assessed:
    • This involves ensuring that boards and compliance functions can fully understand the seriousness of breaches.
    • By improving the assessment process, the JFSC aims to provide more precise insights into the implications of supervisory findings.
  • The JFSC RESPONSE TO THIS IS AS FOLLOWS:-

JFSC action plan in response to Jersey’s 2024 MONEYVAL Mutual Evaluation Report November 2024 https://www.jerseyfsc.org/media/7911/jfsc_moneyval-action-plan_final.pdf

  • Ensure appropriate enforcement actions:
    • MONEYVAL emphasised the importance of taking enforcement actions proportionate to the severity of identified breaches and associated risks.
    • This recommendation aims to strengthen the JFSC's ability to respond effectively to various levels of non-compliance.
  • The JFSC RESPONSE TO THIS IS AS FOLLOWS:-

JFSC action plan in response to Jersey’s 2024 MONEYVAL Mutual Evaluation Report November 2024 https://www.jerseyfsc.org/media/7911/jfsc_moneyval-action-plan_final.pdf

Jersey is expected to report to MONEYVAL under its regular follow-up reporting process in December 2026.

SOURCES

MONEYVAL Reports here

JERSEY YOUTUBE-IMAGE

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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.