Service notice – myRegistry and our Security Interests Register will be unavailable due to scheduled maintenance from 10:00am until 6:00pm on Saturday 29 November and 6:00pm on Tuesday 2 December until 2:00am on Wednesday 3 December.
Statement from JFSC Director General Jill Britton
The MONEYVAL Mutual Evaluation Report confirms that Jersey’s effectiveness in preventing financial crime is among the highest level found in jurisdictions evaluated around the world.
This outcome sends a strong message globally that we are a reputable jurisdiction to do business with.
Combatting financial crime and the other serious harm it facilitates is our responsibility as members of the international community. It is also fundamental to the JFSC’s mission and purpose, and to Jersey’s long-term economic success.
The JFSC contributed significantly to both the technical and effectiveness evaluations. On the effectiveness assessment, we significantly contributed to seven of the eleven immediate outcomes and led on one (Immediate Outcome 3 – Supervision).
We are proud of the role our team has played in delivering this strong result for Jersey. We would also like to thank the Government of Jersey team, our agency colleagues, and all our industry partners.
We welcome the assessment team’s professionalism, approach and recommendations. The report confirms that the JFSC has all the key structures, powers and activities in place. In line with the recommendations, we must now continue to enhance our approach.
Assessors recognised the strengths of our beneficial ownership regime, and our people’s knowledge, skills and expertise. This reflects well on Jersey, the JFSC and our Companies Registry.
The report contains specific actions from the assessment team, all aimed at improving our effectiveness. We had identified many of these actions prior to the report’s publication and work is already underway.
Some of the actions we will take include:
- consulting on enhancements to background checks for principal and key persons, such as the money laundering reporting officer
- undertaking a review of how we assess supervisory findings which will help boards and compliance functions further their understanding of seriousness
- ensuring the right enforcement action is taken at the right time and that actions continue to be carefully considered based on the severity of the breaches identified and associated risks
We view the recommended actions as an integral part of our vision to be a high-performing regulator.
We have put in place a high-level action plan to address the key recommended actions. We will expand further on this in autumn, along with a programme of industry engagement.
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