Jersey has a mature and sophisticated regime for tackling money laundering and the financing of terrorism, as well as an internationally-recognised mechanism to ensure transparency of beneficial ownership information.
However, the number of money laundering convictions and confiscations is relatively low given the size and characteristics of the island’s financial sector.
These are among the main findings in the latest report on the UK’s Crown Dependency of Jersey from the Council of Europe’s Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (or MONEYVAL), adopted in December 2015 (see also the executive summary).
This is the last in a cycle of MONEYVAL evaluation reports based on methodology set out by the Financial Action Task Force (FATF) in 2004. MONEYVAL is currently evaluating its members according to the FATF’s updated 2013 methodology.