The JFSC has published its action plan [x25 actions] in response to Jersey’s 2024 MONEYVAL Mutual Evaluation Report.

The JFSC has published its action plan [x25 actions] in response to Jersey’s 2024 MONEYVAL Mutual Evaluation Report.

• https://www.jerseyfsc.org/media/7911/jfsc_moneyval-action-plan_final.pdf

This action plan:-

• Explains how the JFSC will address MONEYVAL’s Recommended Actions for it to complete.
• Has input from industry bodies, the Government of Jersey’s Financial Services Team, and other agencies.
• Has been developed to support a smooth and effective implementation of the recommendations.

The JFSC say:-

• Some recommendations need more data before deciding on solutions and timelines; the plan highlights these areas.
• Priorities and deadlines may change based on national developments and ongoing work with other agencies.
• They will continue engaging with their stakeholders as the JFSC progresses with this plan and will provide updates on their progress.

Here is a summary of the 25 recommended actions and their respective timeframes:

1. Periodic reviews of high-risk customers –
• Initial review of guidance and supervisory practices to be completed by Q2 2025.
2. Assess risks and apply exemptions –
• Initial review of guidance and supervisory practices to be completed by Q2 2025.
3. Enhance criminal background checks for new applicants –
• Consultation paper to be launched in 2024:-
• Further timelines will be determined following the consultation process.
4. Revise the sanctioning regime –
• Guidance to be reviewed by end of Q1 2025;
• Follow-up work and timelines are to be determined.
5. Review supervisory activities related to legal persons –
• Review to commence by the end of Q1 2025;
• Follow-up work and timelines are to be determined.
6. Implement risk-based supervisory oversight measures for NPOs –
• Review to be completed by the end of 2025.
7. Strengthen TFS supervisory approach –
• Initial review of TFS supervisory practices and examination processes to be completed by the end of Q2 2025;
• Further work to be determined
8. Enhance criminal background checks for beneficial owners –
• Retrospective checks completed
9. Enhance institutional risk assessment model –
• Initial review to be completed by end of Q4 2024:-
• Follow-up work and timelines to be determined
10. Use of full-scope and targeted examinations –
• Review to be completed by the end of Q2 2025;
• Further work to be determined 5.
11. Apply greater scrutiny to breaches from supervision –
• Initial review to commence by the end of Q4 2024:-
• Follow-up work and timelines to be determined
12. Revise the sanctioning regime –
• Refer to actions already mentioned.
13. Strengthen TF-related TFS supervisory practices –
• Refer to actions already mentioned.
14. Issue sector-specific guidance for DNFBPs and VASPs –
• Initial review to be completed in 2025;
• Implementation of enhancements to follow 6.
15. Strengthen awareness of ML/TF risks –
• Ongoing.
16. Provide detailed guidance on complex structures –
• Initial review of guidance to be completed by the end of Q2 2025;
• Further work and timelines to be determined
17. Ensure understanding of control over legal entities:–
• Work to commence in Q2 2025;
• Implementation of enhancements to follow
18. Ensure EDD measures for PEPs:–
• Initial review of guidance to be completed by the end of Q2 2025;
• Further work and timelines to be determined
19. Ensure periodic reviews of high-risk customers –
• Refer to actions already mentioned
20. Ensure appropriate risk assessments for exemptions –
• Refer to actions already mentioned.
21. Monitor and enhance the effectiveness of SAR reporting –
• Review to be completed by the end of Q1 2025;
• Further work to be determined 8.
22. Extend access to the Central Registry for obliged entities –
• Access to BO information to be available by the end of 2024:-
• Work on discrepancy reporting is underway.
23. Ensure the use of a full-scale sanctions –
• Review to commence by the end of Q4 2024.
24. Implement risk-based supervisory oversight for NPOs –
• Review to be completed by the end of 2025.
25. Enhance TFS risk assessment model –
• Review of TFS-specific data points to be completed by the end of 2024.
• Further work to be determined 8.

Read more here:

• https://bit.ly/3CKZ26S
• https://www.jerseyfsc.org/media/7911/jfsc_moneyval-action-plan_final.pdf