Its close….the Proceeds of Crime (Financial Intelligence) (Amendment) (Jersey) Regulations 2022
The States Assembly made the Proceeds of Crime (Financial Intelligence) (Amendment) (Jersey) Regulations 2022 ('the 2022 Regulations') on 31st March 2022, in order to achieve better compliance with Financial Action Task Force (FATF) Recommendation 29.
However, the 2022 Regulations have not yet been brought into force, as the Jersey Financial Intelligence Unit (JFIU) Governance Board had to be formed first and a Memorandum of Understanding developed.
Since the making of the 2022 Regulations, the Board has been established and is meeting on a quarterly basis whilst a Memorandum of Understanding is being developed.
The Assistant Chief Minister therefore decided to lodge this Act for debate by the States Assembly, in order to bring the 2022 Regulations into force in time for the MONEYVAL assessment.
The principal purpose of the 2022 Regulations is to clearly define the status, role, and function of Jersey’s Financial Intelligence Unit in order to demonstrate clear technical compliance with the Financial Action Task Force Recommendation 29.
Therefore, the States Assembly is asked to make this Act in order to bring the 2022 Regulations into force in time for the MONEYVAL assessment. The debate date was scheduled for 18 July 2023.
The States Assembly made the
- Proceeds of Crime (Financial Intelligence) (Amendment) (Jersey) Regulations 2022 (the “2022 Regulations”) on 31st March 2022 (P.32/2022).
- Draft Proceeds of Crime (Financial Intelligence – Commencement of Amendment Regulations) (Jersey) Act 202-
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