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JERSEY & Countering the Proliferation of weapons of mass destruction (WMD) and Proliferation Financing (CPF)

28/07/2022
  1. As a leading International Finance Centre, Jersey is committed to combatting financial crime, including the proliferation of weapons of mass destruction (WMD)(Proliferation) and Countering Proliferation Financing (CPF).
  2. Jersey does this by the Sanctions and Asset-Freezing (Jersey) Law 2019 (SAFL) and prompt implementation of
    • The United Nations Security Council Resolutions (UNSCR).
    • All UNSCR designations have an immediate effect in Jersey.
  3. The Sanctions and Asset-Freezing (Implementation of External Sanctions) (Jersey) Order 2021 (SAFL Order) implements

All United Kingdom (UK) sanctions regulations made under the UK's Sanctions and Anti-Money Laundering Act 2018, including, but not limited to,

The rules that concern the

  • Democratic People's Republic of Korea (DPRK) and
  • The Islamic Republic of Iran (Iran),

Both of which the Financial Action Task Force (FATF) calls member jurisdictions to apply CPF measures to.

The DPRK and Iran are designated as Enhanced Risk States by the FATF.

  1. Jersey also implements
    • Export controls of dual-use goods, UK trade sections, arms embargoes and other trade restrictions where there are PF concerns.
  2. Jersey is not a manufacturer of weapons, nor a trade centre for proliferation goods, however,
    • All natural persons, and legal persons and arrangements located in Jersey, operating in or from within Jersey, or being incorporated or constituted under Jersey Law, are required to comply with the relevant CPF legislation and related sanctions regimes.
  3. Examples of ways in which we, the Minister for External Relations and Financial Services (the Minister), the Jersey Customs & Immigration Service, law enforcement and our other domestic agencies may undertake CPF activities include:
    1. › Undertaking supervisory activities relating to CPF
    2. › Engaging closely with Jersey stakeholders, e.g. by way of outreach and the issuing of guidance
    3. › Gathering, storing, analysing and disseminating intelligence which may assist in our CPF efforts
    4. › Collaborating and cooperating with Industry and competent authorities both domestically and internationally
    5. › Undertaking risk assessment exercises.

Related links

  1. Comparison: Terrorist Financing, Money Laundering, and Financing the Proliferation of Weapons of Mass Destruction https://www.jerseyfsc.org/industry/guidance-and-policy/comparison-terrorist-financing-money-laundering-and-financing-the-proliferation-of-weapons-of-mass-destruction/
  2. Targeted financial sanctions related to Proliferation and Proliferation financing – North Korea (DPRK) and Iran https://www.jerseyfsc.org/industry/financial-crime/proliferation-and-proliferation-financing-of-weapons-of-mass-destruction/targeted-financial-sanctions-related-to-proliferation-of-weapons-of-mass-destruction-and-its-financing/

https://www.jerseyfsc.org/media/5724/pf-overview.pdf

JERSEY