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Jersey’s financial services regulator saw a major increase in activity in 2022 as it and other agencies continued to prepare for a key assessment of the island’s effectiveness in fighting crime.
In the Jersey Financial Services Commission’s recently published annual report for last year, Director General Jill Britton writes: “Preparing for any international assessment creates pressures and challenges, but it is an excellent opportunity to ensure we have completed any outstanding work ahead of the MONEYVAL assessment team arriving later in 2023.
“It also provides Jersey with an opportunity to review the progress we have made as we ensure that Jersey continues to be a leading International Finance Centre.
“2022 saw a significant increase in the volume of activity both internally and in cooperation with Governmentand other external agencies.
“These combined efforts resulted in the successful delivery of a wide range of new regulatory frameworks and regimes required to meet stakeholder needs and keep pace with increasing international regulatory requirements.”
Pictured: Director General Jill Britton.
She added: “Over the course of the year, we increased our engagement programme across Jersey and internationally. We have hosted numerous events and webinars and post regular news messages on our website.
“We have our international and domestic outreach schedule, which we often undertake in collaboration with the Government and agencies as we all seek to protect Jersey.
“This engagement helps us stay close to the requirement for Jersey to be doing business competitively whilst consistently meeting international standards.”
In 2022, the JFSC’s authorisations team supported 510 applications, a 17% increase on 2021 and a 50% increase on 2020.
The commission carried out 89 enforcement cases (2021: 94) and dealt with 30 whistleblowing calls.
It compiled 726 intelligence reports, carried out 142 examinations of 148 entities, compared to 631 intelligence reports, 184 examinations across 255 entities in 2021.
The JFSC in 2023 is now a team of 249 when fully resourced, compared with an average headcount of 132 in 2018.
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