Ethics and governance in the European Financial centers

The Handbook for the prevention and detection of money laundering and the financing of terrorism has been issued in final draft form (2 July 2007) and will become effective from 1 January 2008, providing regulated financial services businesses with a 6 month period to implement the requirements of the AML/CFT Handbook. The Money Laundering (Jersey) Order 2007 has yet to be issued in final draft form. As a result, regulated financial services businesses should in this interim period refer to the paraphrased statutory requirements contained in the AML/CFT Handbook. Once available, the final draft form of the Money Laundering (Jersey) Order 2007 will be published on this webpage. Any necessary amendments to the AML/CFT Handbook will be made at this time. It is also intended that the Money Laundering (Jersey) Order 2007 will be effective from 1 January 2008.

Know more

The Commission has yesterday published a paper to update industry on progress in finalising the Money Laundering (Jersey) Order 200- (“Order”) and Handbook for the Prevention and Detection of Money Laundering and the Financing of Terrorism (“Handbook”).

The paper sets out:

- a timetable for finalising the Order and Handbook;
- areas where the Commission expects regulated businesses to begin preparations; and
- the Commission’s policy in a number of key areas raised during the consultation process in 2006.

-Ends-

For further information please contact: -

Andrew Le Brun
Director, International & Policy
Jersey Financial Services Commission

Tel: + 44 (0) 1534 822065
Fax: + 44 (0) 1534 822001
Email: a.lebrun@jerseyfsc.org

Notes to Editors.

1. Consultation Paper No. 4 (Handbook for the prevention and detection of money laundering and the financing of terrorism) was published by the Commission in May 2006.

2. The Commission published a feedback paper on Consultation Paper No. 4 in November 2006.

3. See: http://www.jerseyfsc.org/the_commission/anti-money_laundering.

4. Implementation of the Order and Handbook is part of a series of measures that are underway in order to implement the Financial Action Task Force’s 40+9 Recommendations – compliance with which will be assessed by the International Monetary Fund in 2008.


See original press release

"Small states that do not observe international norms in terms of the regulation of economic activity and the suppression of drug trafficking, money laundering and other serious economic crime (including tax evasion) must of course expect an adverse reaction from the community of civilised nations. There must be effective regulation.."

See keynote address of Sir Philip Bailhache, Bailff of Jersey, at the Liechtenstein Dialogue on the future of Financial Markets

See biography