17 December 2021
Jersey's financial services industry are being asked for their views on proposals designed to simplify and clarify some of the more complex aspects of the Island's regulatory regime.
A joint consultation, published today (Friday 17 December) by the Jersey Financial Services Commission (JFSC) and Government of Jersey, seeks feedback on proposals which would more closely align Jersey with international standards, and mean that a number of business sectors will become subject to the JFSC's registration or notification requirements.
The proposed amendments are part of continuing work to ensure that the Island's regime to combat financial crime is in line with the international standards set by the Financial Action Task Force (FATF), the global authority for the prevention of money-laundering and financing of terrorism and proliferation. The amendments have been formulated by a working group which includes representatives from the JFSC, Government and the finance industry.
JFSC Interim Director General, Jill Britton, said: "The aim of these proposals is to make some of the more complex aspects of the regulatory regime as clear and simple as possible for industry. Engagement on these proposed changes is key. We are grateful to the working group for their ongoing contribution and look forward to wider industry feedback on these proposals. Only by working together, can we ensure that we continue to build for the long-term success of Jersey."
The Minister for Financial Services, Senator Ian Gorst, said: "In 2023, MONEYVAL will assess Jersey against FATF standards, and it is important that we are prepared. This consultation will help authorities to finalise policies and to move to the next step by lodging legislation at the beginning of the new year. All of these steps are designed to keep the island in line with international standards and preserve the longevity of the financial services industry."
The consultation, which can be found on the JFSC website, and on Government's website, gov.je.consultations, closes on 17 January 2022.