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Jersey has refreshed and updated its 2020 money laundering risk assessment.

The 2023 update provides further details on banking, funds, TCSPs and the legal sector.

Read the 2023 update here:

Key findings

Overall, substantial progress has been made in all areas considered:

  1. Of the 10 residual risks set out in the 2020 ML NRA
    1. 2 have been fully addressed.
    2. 6 largely addressed, and
    3. 2 partly addressed.
  2. Due to work undertaken over the past three years, the national vulnerability position is now a solid medium compared to a borderline medium-high in 2020.
  3. The risk position of all four sectors remains unchanged, although there have been amendments to some inherent and control vulnerabilities; none have been significant enough to change the overall risk position.
  4. All those amendments addressing vulnerabilities have strengthened our ability to combat money laundering.

What happens next?

  1. Following this refresh, the 2020 residual risks and recommended actions have been refined to reflect the current ML risk position.
  2. Where appropriate, the recommended actions from this report will be added to the National Action Plan, which forms part of the National Strategy and is reported on regularly through the Government’s governance structure.
  3. The National Action Plan involves the Government, the regulator and the financial services industry working together to ensure that Jersey's defences against money laundering are as strong as possible.



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