JERSEY Financial Sanctions Notice: Sanctions and Asset-Freezing (Amendment No. 3) (Jersey) 2023
The Sanctions and Asset-Freezing (Amendment No. 3) (Jersey) Law 2023 (the "Amendment") will amend the Sanctions and Asset-Freezing (Jersey) Law 2019 (the "SAFL"), and come into force on Monday, 17 July 2023.
This financial sanctions notice highlights a number of the changes made to SAFL by the Amendment:
- General licences
- Reporting obligations
- Power to require information
- Extra-territorial extent
- The Amendment will enable all UK General Licences to be given full automatic effect in Jersey by Ministerial Order.
- This is only possible for the non-asset-freeze elements of a UK General Licence.
The reporting obligation to provide information in Article 32(2) of SAFL is enhanced as follows:-
- When making a sanctions compliance report to the Minister for External Relations (the "Minister"), Relevant Financial Institutions (as defined in Article 1 of SAFL) will be required to include information on any actions taken in compliance with obligations imposed under Article 37 of the Proceeds of Crime (Jersey) Law 1999 that brings about the Money Laundering (Jersey) Order 2008).
Power to require information
- The Amendment will introduce a new power for the Minister to request information relating to a decision on whether to make, vary, or revoke an autonomous terrorist asset-freeze designation made under Part 4 of SAFL.
- The Amendment will remove the requirement for an individual to be a UK national and ordinarily resident in Jersey regarding conduct that takes place wholly or partly outside of Jersey. The amended extra-territorial extent provision will apply to individuals ordinarily resident in Jersey, whether or not they are also UK nationals.
- The sanctions guidance on gov.je will be updated to reflect these changes when the Amendment comes into force.
All the details are in the Written Report and the Explanatory Note to the Amendment.
- Published by External Relations
- Type Sanctions
- Date published 10 July 2023
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