Jersey launches major financial crime risk assessment

Wednesday 04 October 2017

The Jersey Financial Crime Strategy Group (JFCSG) is to do what's termed a 'national risk assessment' of the threats posed to the Island by money laundering and terrorist financing.

It says it will be completed by June 2019, at which point a report and action plan will be published.

 The Financial Action Task Force, which sets the global standards concerning financial crime, now requires all countries to identify, assess and understand the risks posed by money laundering and terrorist financing. 

In order to conduct the assessment, Andrew Le Brun has been seconded from the Jersey Financial Services Commission (JFSC) to the Chief Minister’s Department.

Chair of the JFCSG, Richard Corrigan, said: “Whilst this is not the first time that Jersey has considered money laundering and terrorist financing risks, the national risk assessment will be the most comprehensive assessment of these risks to date, and its conclusions will be instrumental in taking future policy decisions. We are pleased to be working very closely with the World Bank using an assessment methodology that has already been successfully applied in many other parts of Europe, including financial centres.”

Director General of the JFSC, John Harris, added: “The national risk assessment calls for the collection of a significant amount of data from, and engagement with, the private sector. The assessment will highlight what risks exist and so will complement the JFSC’s strategic goal of becoming a more agile and risk-based supervisor.”