Jewellers, agricultural auctioneers and car or yacht dealers are among businesses that may need to register as “high-value dealers” with the island’s financial services regulator in a bid to keep Jersey safe from money laundering.
Under financial crime laws in Jersey, high-value dealers are required to register with the Jersey Financial Services Commission to prevent themselves and their businesses from falling victim to financial crime.
A high-value dealer is a business or individual who trades in goods and receives €15,000 (equivalent to £12,500) or more in cash or virtual assets for a single transaction or linked transactions.
Examples of businesses that may need to register include jewellers, car or yacht dealers, art and antique dealers, and agricultural auctioneers.
The JFSC has created a short, voluntary, questionnaire to help islanders understand if their business needs to register as a high-value dealer.
It forms part of an outreach project aiming to ensure any retailers who handle large sums of cash and meet the definition of a “high-value dealer” are aware of their obligation to register with the financial services regulator.
A JFSC spokesperson explained that money launderers tend to target and take advantage of businesses who accept large sums of money.
They added: “Registration with the JFSC ensures that dealers in high-value goods are subject to appropriate oversight, helping to prevent their services from being exploited for money laundering or terrorist financing.
“It also promotes transparency and strengthens Jersey’s reputation as a well-regulated international finance centre.”
The JFSC’s ‘Are you a high-value dealer?‘ questionnaire can be found online.
Those who complete the form and meet the criteria will be contacted by the JFSC and given further guidance about the registration process for high-value dealers.