Jersey recognised as 'world leading' at tackling financial crime

Wednesday, 24 July 2024 09:00

Jersey has been recognised as one of the world's leading jurisdictions for combatting financial crime, according to the latest MONEYVAL report.

An independent body within the Council of Europe conducted the 2024 review and has rated Jersey as either 'compliant' or 'largely compliant' with 39 out of 40 of its recommendations.

'High' levels of 'compliance' with international standards on anti-money laundering and countering financial terrorism were identified in Jersey's finance sector.

Jersey's finance sector has 'high' compliance with international standards on anti-money laundering and countering financial terrorism.

The island is also one of three countries in the world to hold a 'high' rating regarding effectiveness in risk understanding and national cooperation.

No 'fundamental improvements' have been identified as necessary to improve the Jersey regime.

However, there are recommendations for improvements in supervision, preventative measures, financial intelligence, and investigation and prosecution.

Financial Services Minister Ian Gorst hopes this will bring more investors to Jersey:

"It's really important that we've got these good reports, it shows we can manage these complex risks and structures and that our defences against financial crime are strong.

"This gives confidence and trust to investors and it is a platform for our continued growth in financial services."

Joe Moynihan, CEO of Jersey Finance, has endorsed the report:

“This Report, which is produced in line with agreed international standards, is a strong endorsement of Jersey’s capabilities as a jurisdiction in combatting financial crime and reflects its commitment to upholding the very highest standards on the global stage.

"It is a report that should send a powerful and positive message to investors around the world and give them confidence in Jersey’s current and future standing."

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