Jersey financial sanctions – updates to GOV.JE reporting regime and JFSC guidance

The Government of Jersey has issued a new Sanctions Compliance Reporting Form.

• https://www.gov.je/gazette/Pages/FinancialSanctionsNoticeSanctionsComplianceReportingFormNov2021.aspx

This Form replaces the Suspected Breach Notification Form to comply with reporting obligations set out under Article 32 of the Sanctions and Asset Freezing (Jersey) Law 2019.

The JFSC has updated the sanctions section of :

• Its website https://www.jerseyfsc.org/industry/international-co-operation/sanctions/and
• The Financial Sanctions Practical Guidance, to clarify mandatory sanctions screening requirements against the UK published lists of sanctions designations which are in force in Jersey. https://www.jerseyfsc.org/industry/international-co-operation/sanctions/financial-sanctions-practical-guidance/

All relevant financial institutions have these reporting obligations, which must be fulfilled as soon as possible.

Reports must be made to the Minister for External Relations and Financial Services and include the information specified in the form.