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Jersey Sanctions Updated JFSC Guidance

21/06/2022

The JFSC has made updates to its Sanctions pages following the amendments of the Sanctions and Asset-Freezing Law

The JFSC has updated its website to reflect the current amendments to the Sanctions and Asset-Freezing (Jersey) Law 2019, effective from 8 June 2022.

  1. Sanctions webpages https://www.jerseyfsc.org/industry/international-co-operation/sanctions/ and
  2. The Financial Sanctions Practical Guidance https://www.jerseyfsc.org/industry/international-co-operation/sanctions/financial-sanctions-practical-guidance/

What does this mean?

These updates concern the implementation of targeted financial sanctions. They must be adhered to immediately to comply with the Financial Action Task Force (FATF) technical requirements of Recommendation 6 and Recommendation 7.

These recommendations concern Targeted Financial Sanctions (TFS) related to terrorism, and TFS related to financing weapons of mass destruction proliferation, respectively.

The purpose of the TFS regime is to ensure that designated persons involved in terrorism and the proliferation of weapons of mass destruction are prevented from raising, moving and using funds, assets and other resources.

Next steps

The new amendments have also expanded reporting obligations of the relevant financial institutions.

The JFSC is asking INDUSTRY [MLRO] to review these changes and submit a Sanctions Compliance reporting form to report any attempts to breach or circumvent sanctions to the Minister for External Relations and Financial Services.

SOURCE

  1. https://www.jerseyfsc.org/news-and-events/we-have-made-updates-to-our-sanctions-pages-following-the-amendments-of-the-sanctions-and-asset-freezing-law/
  2. Sanctions webpages https://www.jerseyfsc.org/industry/international-co-operation/sanctions/ and
  3. The Financial Sanctions Practical Guidance https://www.jerseyfsc.org/industry/international-co-operation/sanctions/financial-sanctions-practical-guidance/

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