‘Significant increase’ in activity for JFSC, according to its 2022 annual report
The Jersey Financial Services Commission saw a ‘significant increase’ in activity last year as it and other agencies continued to prepare for a key assessment of the Island’s effectiveness in fighting crime.
In the organisation’s recently published annual report for 2022, director-general Jill Britton wrote:
- ‘Preparing for any international assessment creates pressures and challenges, but it is an excellent opportunity to ensure we have completed any outstanding work ahead of the MONEY- VAL assessment team arriving later in 2023.’
Ms Britton added
- ‘It also provides Jersey with an opportunity to review the progress we have made as we ensure that Jersey continues to be a leading international finance centre.’
- ‘These combined efforts resulted in the successful delivery of a wide range of new regulatory frameworks and regimes required to meet stakeholder needs and keep pace with increasing international regulatory requirements’
- ‘Over the course of the year, we increased our engagement programme across Jersey and internationally. We have hosted numerous events and webinars and post regular news messages on our website.
- 2022 saw a ‘significant increase in the volume of activity both internally and in co-operation with government and other external agencies.
- ‘We have our international and domestic outreach schedule, which we often undertake in collaboration with the government and agencies as we all seek to protect Jersey.
- ‘This engagement helps us stay close to the requirement for Jersey to be doing business competitively whilst consistently meeting international standards.’
In figures: What did the JFSC do last year?
- Last year, the JFSC’s authorisations team supported 510 applications, a 17% increase on 2021 and a 50% increase on 2020.
- The commission carried out 89 enforcement actions (94 were conducted in 2021) and dealt with 30 whistleblowing calls.
- The organisation compiled 726 intelligence reports, carried out 142 examinations of 148 entities, compared to 631 intelligence reports and 184 examinations across 255 entities in 2021.
- The JFSC currently comprises a team of 249 when fully resourced, compared with an average headcount of 132 in 2018.
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