Ethics and governance in the European Financial centers

The Minister agreed to lodge the draft Proceeds of Crime (Substitution of Schedule 2) (Jersey) Regulations 200- and instructed officers to make the necessary arrangements :

- To address the risk - identified internationally - that additional sectors are vulnerable to use in money laundering and terrorist financing.

- To implement international standards in Jersey - in preparation for the IMF assessment in 2008.

- To implement standards in a way that is consistent with the EU - in order to facilitate continued access of Jersey businesses to EU markets.

- To remove a number of business activities from the scope of Schedule 2 – on the basis that there is a low risk of money laundering.

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