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Jersey Chamber of Commerce

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Category: States of Jersey

Financial Crime Risk Assessment Extended

Oct 27, 2022

Any Islander who is the non-professional trustee of a privately-administered trust is being asked to contribute to a Government’s assessment of the risk of financial crime posed by legal persons and arrangements (LPAs).

The Government of Jersey is assessing the risk of money laundering, terrorist financing and the financing of the proliferation of weapons of mass destruction that is posed by all Jersey companies, partnerships, trusts and other similar vehicles.

Questionnaires are being used to collect the data needed to assess the risk. Incorporated companies and regulated trusts have already been asked to provide their data, and questionnaires have been published for privately-administered trusts to download, complete and submit.

The Director of Financial Crime Strategy, George Pearmain, said: “We have to identify any areas for improvement in the Island’s policies, procedures and legislation necessary in our continued drive to combat financial crime.

“Privately-administered trusts are often set up to ensure that family wealth is protected, or a child’s financial future is ensured, in the event of something happening to the parents. There is nothing illegal about them, and we don’t want to interfere in these private arrangements, but it is vital thatthey respond so that we can understand the risk profile of these arrangements.

“The data they provide will first be anonymised and will be used to further develop this risk understanding. Accurate and current data is fundamental if we are to reach conclusions and recommendations that are relevant, practical and proportionate to the risks posed.”

The data is being collected by the Jersey Financial Services Commission (JFSC) on behalf of Government. 

- The risk assessment questionnaire is available to download on the JFSC website

- Trust company businesses and fund services businesses which administer Jersey incorporated companies are asked to respond by completing the questionnaire available from myRegistry

- Regulated trust and company service providers responsible for administering trusts will receive an invitation from myJFSC inviting them to complete the questionnaire.

The JFSC will aggregate all the information received before sharing the results, and individual responses will therefore not be identifiable. 

The aggregated results will be shared with a working group of industry experts and representatives from Government, JFSC, Law Officers’ Department, and Financial Intelligence Unit, which has been convened to conduct the risk assessment. 

The analysis is due to be completed, and a report published, in 2023.

Should you have any questions relating to:

- relating to how to answer the questionnaires, please email [email protected] 

- myJFSC access please contact [email protected]

- myRegistry access please contact [email protected]

Government of Jersey News Release

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