News

Money Laundering order amendment 11

07/02/2020

The Minister for External Relations Senator Ian Gorst yesterday made the Money Laundering (Amendment No. 11) (Jersey) Order 2019, which will come into force next week on Wednesday 12 February. Amendment No. 11 makes miscellaneous improvements to the drafting and layout of provisions in the MLO intended to add clarity and aid interpretation, without changing their effect, and correct some cross-references.

It also removes the SARs form from the Schedule to the MLO to add flexibility. Instead, the SARs form will be in a form "approved by the Minister". In practice, the form on the States of Jersey Police Joint Financial Crimes Unit portal will remain the form to be used by practitioners.

These changes are not intended to alter the obligations or practices of industry. It is hoped, however, that they will make it slightly easier to interpret the requirements of the MLO.

https://www.linkedin.com/posts/tomfothergill_money-laundering-amendment-no-11-jersey-activity-6631228002191581185-d7o2