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States Members have approved a new law allowing firms to come clean about criminal conduct and agree to right their wrongs to avoid prosecution.
Home Affairs Minister Helen Miles, who brought forward the legislation for 'deferred prosecutions', said that a similar law had been introduced in the UK a decade ago and that introducing it locally would demonstrate Jersey's commitment to having a well-regulated finance industry.
DPAs would often lead to a financial penalty but also the courts may choose to reject the agreement and pursue a "traditional" criminal prosecution.
Under the existing law, a criminal act can only be attributed to a "legal person", such as a company, where an actual person committing the offence can be said to represent the "directing mind and person" of the corporate body.
Deputy Miles likened it to the Parish Hall inquiry system whereby minor offences can be dealt with without having to be prosecuted in the courts.
Under a DPA, an entity which complied with the terms of the agreement, the deferred prosecution would cease to be of effect after its expiry date, and the Attorney General must then stop proceedings in relation to the offence.
The proposition was approved by 46 votes to nil.
EXPLAINED: How businesses could strike a deal to avoid prosecution
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