This report provides a summary of the Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) measures in place in Guernsey at the time of the mission or shortly thereafter. The assessors reviewed the institutional framework; the relevant AML/CFT laws, regulations, guidelines, and other requirements; and the regulatory and other systems in place to deter and punish money laundering (ML) and the financing of terrorism (FT) through financial institutions and Designated Non-Financial Businesses and Professions (DNFBP). The assessors also examined the capacity, implementation, and effectiveness of all these systems.
This report presents a Detailed Assessment of the Observance of the Insurance Core Principles Report on Jersey. Other than the international business, most cover is obtained from insurers based overseas by the large insurance broker community on the island. There is no ombudsman and no policyholder compensation arrangements for insurance business on the island. Jersey has its own company’s legislation, but has no local accounting or actuarial standard-setting bodies and it looks to other jurisdictions, especially the United Kingdom, for its framework of accounting, auditing, and actuarial standards.
Jersey has put in place a comprehensive and robust Antimoney Laundering/Combating the Financing of Terrorism (AML/CFT) legal framework with a high level of compliance with almost all aspects of the Financial Action Task Force recommendations. The paper discusses a Detailed Assessment of Observance of AML/CFT report on Jersey. Both money laundering and financing of terrorism are criminalized largely in line with the international standard, and Jersey has implemented the provisions effectively.
This review of financial sector regulation and supervision in Jersey in the context of the offshore financial center assessment program contains technical advice and recommendations. The report provides a general overview of the financial system, a summary of the assessment findings and the Reports on Observance of Standards and Codes (ROSCs), and the authorities’ action plan. It also presents the detailed assessment for banking, insurance, securities, Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT), and company and trust service providers.