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Jersey Gov listen to consultation and adjust fining proposal


The Government response paper on the Civil Financial Penalties Consultation is published and is here:-

As explained in the response paper,

  • whilst the finalised legislative proposals generally reflect the recommendations outlined in the consultation; certain modifications have been made in the light of comments raised during the consultation process.

The fundamental changes are:

  1. Money Laundering Compliance Officers and Compliance Officers have been removed from the scope of the CFP regime unless they also occupy a senior management function.
  2. Regarding the lookback window,
    • The time limit for entities is removed,
    • A limit of six years for individuals is included.
  3. Only the turnover of the contravening entity will be in scope for CFP calculations rather than the aggregate turnover of the entity and its associated persons.

The draft primary legislation required to effect the changes is lodged for debate on 18 January 2022, and a copy of this legislation is here.