News

JERSEY adopts a new definition for the term "ANTI-MONEY LAUNDERING LEGISLATION."

15/01/2021

Please note the following update from the JFSC - https://www.jerseyfsc.org/news-and-events/codes-of-practice-new-definition-for-anti-money-laundering-legislation/ - repeated below (with some added content to assist the reader)

Following legislative amendments and the UK's departure from the European Union, the JFSC has updated the definition of 'anti-money laundering legislation' in the Codes of Practice. As these updates are due to statutory change, a consultation was not required

These changes came into effect on 1 January 2021 and enabled UK sanctions from the same date.

Under the terms of the UK-EU Withdrawal Agreement ("WA"), the UK agreed to continue implementing all EU sanctions regulations. However, the WA ends on 31 December 2020 and the UK's new sanctions regulations that have been made under the Sanctions and Money Laundering Act 2018 ("SAMLA") came into force on 1 January 2021

Further legislation will come into force later this year, which will complete the move from EU sanctions regulations to UK sanctions legislation.

The new definition of ANTI-MONEY LAUNDERING LEGISLATION is as follows:

Includes:
  1. The Proceeds of Crime (Jersey) Law 1999,
  2. The Money Laundering (Jersey) Order 2008 and
  3. The Terrorism (Jersey) Law 2002,
  4. As well as any other applicable laws, all as amended from time to time.
It also includes
  1. The international sanctions regimes implemented through
    • The Sanctions and Asset-Freezing (Implementation of EU Regulations) (Jersey) Order 2020 and
    • Equivalent legislation relating to the implementation of UK sanctions.

The above is read in conjunction with the:

  1. "JFSC Handbook for the Prevention and Detection of Money Laundering and the Financing of Terrorism."
  2. https://www.jerseyfsc.org/industry/financial-crime/aml-cft-handbooks/
The following Codes of Practice have been updated:
  1. General Insurance Mediation Business Code of Practice
  2. Investment Business Code of Practice
  3. Money Service Business Code of Practice
  4. Trust Company Business Code of Practice
  5. Insurance Business Code of Practice
  6. Deposit-taking Business Code of Practice
  7. Certified Investment Fund Code of Practice
    • Schedule 1
    • Schedule 5
  8. Fund Service Business Code of Practice

As these updates are due to statutory change, a consultation was not required

JERSEY