Jersey Committed to Global Fight Against Financial Crime

Tuesday 30 May 13:08

The Jersey Financial Crime Strategy Group (JFCSG) has agreed its priorities for 2017 to 2019, which include consideration of major policy and legislative changes for fighting financial crime in Jersey.

The JFCSG is responsible for coordinating the actions of the Island to mitigate the risk of financial crime and comprises the Island’s public sector organisations responsible for this work (see notes). The JFCSG fulfils this responsibility through coordination of risk assessments, ongoing review and development of financial crime policies and legislation, and appropriate risk-based application of resources.

The priority areas focus on the implementation of the 2012 Financial Action Task Force Recommendations and the 2015 Jersey MONEYVAL Mutual Evaluation report by the Council Europe (published in 2016). The MONEYVAL report recommended that the Jersey authorities consider enhancing the resourcing of financial crime, with a view to increasing the number of money laundering investigations and prosecutions in Jersey.

The JFCSG has undertaken an in-depth review of resources for law enforcement and prosecution authorities. As a result, the Council of Ministers approved budget increases for 2017 through to 2019 by £870,000 per annum from Central Contingencies. This will provide additional staff for the Joint Financial Crime Unit of the States of Jersey Police and Customs, as well as funding a new Economic Crime and Confiscation Unit, which will provide specialist complex case investigative capability within the Attorney-General's Department. These roles will specifically focus on significant economic crime risks to Jersey and there will be regular review of the effectiveness of the overall financial crime enforcement process in Jersey. 

Chair of the Jersey Financial Crime Strategy Group, Richard Corrigan, commented: “As a responsible international finance centre, Jersey remains committed to working with international organisations such as the FATF/MONEYVAL in the development and subsequent domestic implementation of international standards. Equally, due to further resources committed by Government, there will be a far greater focus on the effectiveness of investigation and prosecution of financial crime which is in the interests of the entire financial services industry.”

The HM Attorney General, Robert MacRae QC, added: “The establishment of the Economic Crime and Confiscation Unit will enable the Law Officers’ Department to focus even greater attention on the prosecution of financial crime. The resources dedicated to this new unit will ensure that Jersey strengthens its commitment to its international obligations and that the Island remains at the forefront of the fight against financial crime and money laundering.”

Chief Officer of States of Jersey Police, Mike Bowron QPM, said: “This increased investment in our JFCU and the development of an ECCU is welcome at a time of increased demand through industry engagement. These additional assets will continue to ensure working in partnership we rigorously assess and police potential financial crime.”

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