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Money Laundering Jersey/International positions - Coggle Diagram
Money Laundering
Jersey/International positions
vital for Jersey to maintain its reputation as a respectable and well-regulated financial centre
presence of strong anti-money laundering legislation and regulation will deter criminals from laundering
anti-money laundering framework meets international standards
Jersey has also established an Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) strategy group which is chaired by the Chief Executive of the States
Comprises of
· The Chief Minister’s Department
· The Economic Development Department
· The Law Officers’ Department
· The Joint Financial Crimes Unit
· The Jersey Financial Services Commission and
· The Shadow Gambling Commission
International Perspective
Jersey's position
The International Monetary Fund (IMF) is an international organisation established to promote monetary co-operation.
Conducts assessments of financial centres against international standards to combat Money Laundering
The Financial Action Task Force (FATF) is an inter-governmental body, set up in 1989 for the development of international policies to combat money laundering and terrorist financing.
FATF has published 40 recommendations and 9 special recommendations set out measures for governments to implement effective anti-money laundering programmes
Monitoring activity & transactions
Unusual transactions may be identified as activity that is inconsistent with the expected pattern according to the type of product or service being delivered.
more intensive scrutiny of high-risk customers including PEPs.
Reporting suspicious transactions
offence under the Drug Trafficking Offences Law and the Terrorism Law for a person to fail to report knowledge or suspicion of money laundering/terrorist financing to the police
Money Laundering Order requires a business to have appropriate procedures in place to prevent money laundering
MLSR - MLRO
Employee Vetting & Training
criminal convictions, qualifications, references, employment history, regulatory action etc.
Staff must be properly trained and be aware of their obligations under the money laundering/terrorist legislation
Record keeping
Existing customers
all customers existing before the new Money Laundering Order came into force on 4 February 2008
Remediation