Anti Money Laundering Blog

Jersey’s Council of Ministers is thinking about extending the tools and controls needed to prevent the jurisdiction from being used for money laundering or financing terrorism. 

This move is part of the preparation for the review of Jersey’s performance as a financial centre to be conducted by the International Monetary Fund (IMF) in 2008. 

To assess how Jersey, Guernsey and the Isle of Man comply with international standards in anti-money laundering and countering the financing of terrorism, the IMF representatives will visit these jurisdictions in 2008.

According to the Jersey government, much preparatory work for the IMF assessment has been completed, and even more work is planned. In May 2007, approved by the Council of Ministers, the Anti-Money Laundering and Countering the Financing of Terrorism Strategy Group, issued 2 consultation papers on proposals to update and extend Jersey’s anti-money laundering framework in order to comply with the international standards. In July 2007, one more consultation paper was issued to suggest further changes to be made in Jersey to bring its regulations in line with international standards.

This entry was posted on Monday, August 13th, 2007 at 12:34 pm and is filed under Anti-Money Laundering News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.