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Regulator assesses risk of local non-profits being used for financial crime

Regulator assesses risk of local non-profits being used for financial crime

Wednesday 22 September 2021

Regulator assesses risk of local non-profits being used for financial crime

Jersey's finance watchdog is asking local not-for-profit organisations to share information about their activities as part of a drive to prevent the island being used for financial crime.

Following the National Risk Assessment of terrorist financing published in April, the island is aiming to build a better understanding of the sector, and is therefore asking all non-profits to submit information about their purpose, objectives and activities.

“Local non-profit organisations do not need to be concerned by this exercise. Our current understanding is that the majority of these organisations’ activities and funds are based in the Island and present little to no risk of being used for financial crime. We anticipate that the information we collect will substantiate this view and we can continue to demonstrate that Jersey’s non-profit sector is not a conduit for criminal activity," said Interim Director General Jill Britton.

The data will help determine the JFSC’s approach to supervising non-profit organisations, particularly those that are considered more vulnerable.

Non-profit organisations and any trust company businesses that administer non-profits need to submit this information to the JFSC by 5 October 2021. Those that do not provide their data may be considered higher risk and consequently monitored more closely by the regulator.

To support the local non-profit sector fulfilling this requirement, the JFSC is hosting online and in- person drop-in sessions this week:

  • Online drop-in today at 13:00-14:00
  • In-person appointments tomorrow (23 September) at 11:00-17:00


INSIGHT: The £14m banknote mystery (and what else we don't know) - Express's in-depth analysis of Jersey's National Risk Assessment of terrorist financing

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