Ethics and governance in the European Financial centers

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

The government has just adopted a draft law to modify the penal code and introduce corporate liability.
This change to the legislation is to comply with international standards (Council of Europe, UN, OECD) in the framework of the fight against money laundering, corruption...


Know more (in French)

The report relatinf to laundering the Proceeds of VAT Carousel Fraud was published today. Il identifies the global impact of money laundering generated by the fraud and details the characteristics of the money laundering cycle from the proceeds of the fraud to investment into legitimate economy.

See press releaseSee report