The report concluded that Jersey’s effectiveness in preventing financial crime was among the highest level found in jurisdictions evaluated around the world. It provides important foundations for the growth of Jersey as an international finance centre, in a responsible and sustainable manner.
Key conclusions included:
- Jersey meets a standard only seen in three other jurisdictions worldwide in respect of risk understanding and national co-operation and co-ordination.
- Recognition for Jersey’s accuracy and transparency of beneficial ownership information for legal persons and arrangements, including the range of mitigating measures in place to reduce risk which occur in few other countries.
- Recognition for Jersey’s important and effective role in providing mutual legal assistance and other international co-operation, demonstrating its commitment to being a responsible international partner.
- No “fundamental improvements” are required to the Jersey regime.
- Recommendations for improvements in the areas of supervision, preventative measures, financial intelligence and investigation and prosecution, where many actions are already underway.
Commenting on the report findings, Forward Group’s Director, Alun Griffith said: “This is a fantastic result for Jersey. It demonstrates Jersey’s ability to prevent financial crime is at the highest level and proves that Jersey’s financial services industry is a forward thinking and progressive jurisdiction, upholding the highest standards and commitment to co-operate responsibly on the global stage.”
You can read more on the Government of Jersey website