Jersey’s new Sanction Minister - Ozouf replaces Gorst
In Jersey it was announced on the 11th of July that Deputy Ian Gorst, has become the new treasury minister and Philip Ozouf is the new Minister for External Relations and Financial Services [the 'Competent Authority' for Jersey]
Philip Ozouf - Minister of External Relations and Financial Services [P.Ozouf@gov.je / 01534 832255]
SANCTIONS REPORTING OBLIGATIONS
Reporting obligations are set out in Article 32 of SAFL and apply to all sanctions regimes in force. These obligations include requirements for a relevant financial institution* (the "institution") to inform the Minister of External Relations and Financial Services [Minister] if:
- It holds an account of a person, has entered into dealings or an agreement with a person or has been approached by or on behalf of a person, and;
- It knows, or has reasonable cause to suspect, that the person:
i) Is a designated person, or;
ii) Has committed, is committing or intends to commit an offence, and
- The information or other matter on which the knowledge or reasonable cause for suspicion is based came to it in the course of carrying on its business.
The information given to the Minister must include:
- The information or other matter on which the relevant financial institution's knowledge or reasonable cause for suspicion is based;
- Any information that the relevant financial institution holds about the person by which the person can be identified, and;
- If the person is a customer or client of the institution, the nature and amount or quantity of any funds or economic resources held by the institution for the person at the time when the institution first had the knowledge or reasonable cause for suspicion.
to comply with any reporting obligations You should use the Sanctions Compliance Reporting Form and return the completed form to firstname.lastname@example.org
These reporting obligations are in addition to the obligation to report suspicious activities to the Financial Intelligence Unit.
If you are unsure of your reporting obligations, you should seek independent legal advice.