Jersey to introduce Corporate criminal offences for failing to prevent money laundering and terrorist financing
The Government of Jersey proposes the introduction of a failure-to-prevent money laundering and terrorist financing offence into the Proceeds of Crime (Jersey) Law 1999 as a corporate criminal offence.
This new offence is considered necessary to increase Jersey's overall effectiveness of the AML enforcement in line with the FATF Methodology.
The offence would address some issues around the Identification Doctrine and thus enable a more effective attribution of criminal liability to legal entities.
This would enhance the overall effectiveness and dissuasiveness of the sanctions available to the Royal Court.
However, because the requirements to prevent money laundering and terrorist financing already exist for the AML-regulated sector, this increase in effectiveness can be achieved without extending existing requirements or introducing any new requirements for the industry.
Furthermore, due to Jersey's exposure to the layering stage of money laundering, the introduction of the offence is considered beneficial to enable prosecutions consistent with the country's threats and risk profile.
Consultation on amendments under the Proceeds of Crime (Jersey) Law 1999