Jersey’s National Strategy for Combatting Financial Crime and its risk appetite

In September 2022 the Government of Jersey published its National Strategy for Combatting Money Laundering, the Financing of Terrorism, and the Financing of Proliferation of Weapons of Mass Destruction.

The purpose of the national strategy and action plan is to document Jersey’s position in supporting international efforts in the fight against all forms of financial crime and areas of focus to increase effectiveness.

This financial crime strategy sets out the Island’s vision, strategy and action plan for combatting:

• Money Laundering
• Financing of Terrorism
• Proliferation Financing.

The vision helps shape the strategic priorities, which align with the findings of the national risk assessments.

In addition, it has also published its National Statement on Financial Services and Financial Crime: Activities, Risk Appetite and Mitigation.

The statement sets out Jersey’s approach to risk relating to its finance sector. It:

• outlines, at a high level, the main sources and types of risk Jersey’s finance centre presents
• articulates the boundaries of Jersey’s appetite for financial services related activities
• sets out the framework for how Jersey identifies, sets tolerance for, and mitigates risk.

The risk statement will be updated in response to any significant change in circumstances and will be revised annually by Government.

The risk appetite defines what risks are accepted and which are not, and the overall risk is removed or reduced via the actions in the plan. Overall these two documents contribute to one single National Financial Crime Workplan.

Industry should consider these documents when reviewing their business risk assessments.