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JFSC want a 16 May 2022 update on your UAE risk plans

21/03/2022

The JFSC is asking affected businesses to share, by 16th May 2022, their plans for addressing

  • The change in the risk profile of their customer bases,
  • Along with the timescale for completion of remedial measures,

The JFSC say

Industry update 21 March 2022 - Addition of the UAE to the FATF grey list

Following the addition of the United Arab Emirates (UAE) to the Financial Action Task Force’s (FATF) list of jurisdictions under increased monitoring (the “grey list”) on 4 March 2022, we have updated Appendices D1 and D2 of the AML/CFT Handbook.

Countries and territories listed under sources 1 and 2 of Appendix D2 should be treated as non-compliant with FATF recommendations for the purposes of Article 17A of the Money Laundering Order.

The AML/CFT and other supervisory risk data that we have been collecting since 2018 indicates a significant exposure in Jersey to customers associated with the UAE.

If your business has links to the UAE, you should be reviewing your policies and procedures, and your existing customer relationships, in order to assess the impact of the FATF’s addition of the UAE to its grey list.

We are asking affected businesses to share their plans for addressing the change in the risk profile of their customer bases, along with the timescale for completion of remedial measures, with their supervisor by the 16 May 2022.

https://www.jerseyfsc.org/news-and-events/addition-of-the-uae-to-the-fatf-grey-list/

JERSEY FATF