News

Jersey Business Crime and the Weaponisation of White-Collar Enforcement – are you prepared?

27/01/2020

Two Comsure 2-hour breakfast CPD masterclasses 11th February & 17th March 2020

Also, learn more here:-

WHAT IS THE ISSUE?

  • Following MONEYVAL recommendations IN 2015, Jersey enforcement agencies (EG ECCU, JFCU, and JFSC) are starting to prioritise the enforcement of economic crime in the hope of increasing incentives for companies and their officers to take affirmative steps to prevent money laundering, fraud and other malfeasance.

TRAINING OBJECTIVE

  • Two Comsure 2-hour breakfast CPD masterclasses will address the focus of the Jersey authorities along with some case analysis to provide a current perspective.

OVERVIEW

  • Jersey like many other offshore Jurisdictions is portrayed by the media and law enforcement agencies as places where illegally obtained assets can be hidden under the guise of ‘secrecy’ and that it is a ‘black hole’ into which ill-gotten gains may be poured (see Krohn - v - Varna 1997 JLR 194 at 202).
  • Also, there is MONEVALS 2015 observation about Jersey’s disproportionate low-level enforcement of MONEY LAUNDERING

JERSEY ENFORCEMENT

  • With the criticisms above, Jersey is taking a more aggressive intervention policy through, inter alia, the newly formed ECONOMIC CRIME AND CONFISCATION UNIT [ECCU] along with the JERSEY FINANCIAL SERVICES COMMISSION’S [JFSC] introduction of and amendments to the CIVIL PENALTIES law;
  • It is clear that white-collar crime has been pushed up the agenda of many board and risk committees. And as some commentators have observed “the WEAPONISATION of white-collar enforcement” is a game-changer in 2020. Who and what are the Economic Crime and Confiscation Unit [ECCU]
  • Following the 2015 Jersey MONEYVAL Mutual Evaluation report by the Council Europe (published in 2016), The ECCU was set up in 20107
  • By way of reminder, the MONEYVAL report recommended that the Jersey authorities consider enhancing the resourcing of financial crime, with a view to increasing the number of money laundering investigations and prosecutions in Jersey. The ECCU provides complex specialist case investigative capability within the Attorney-General's Department.
  • These roles will specifically focus on significant economic crime risks to Jersey, and there will be a regular review of the effectiveness of the overall financial crime enforcement process in Jersey.
  • Since 2017 the ECCU has started bringing cases to court, some are being discussed at this Comsure 11th February masterclass.