THE  MINTY SAR FREEZE IS ALIVE AND KICKING AND DAMAGING JERSEY, says Sir Mark Boleat

• Jersey, for a jurisdiction that promotes itself as predictable, well-governed and anchored in the rule of law, this (AML SAR RULE) is a damaging inconsistency’

• https://jerseyeveningpost.com/voices/2025/12/11/for-a-jurisdiction-that-promotes-itself-as-predictable-well-governed-and-anchored-in-the-rule-of-law-this-is-a-damaging-inconsistency/  

Sir Mark Boleat said on LinkedIn:

• The article argues that Jersey’s reputation as a predictable, well-governed jurisdiction anchored in the rule of law is undermined by weaknesses in its anti-money-laundering (AML) regime, particularly how Suspicious Activity Reports (SARs) are handled.
• The Government wants to make financial services more competitive, but Jersey has a significant problem in its anti-money laundering regime.  Its arrangements for dealing with suspicious activity reports (SARs) are out of step with international standards, disproportionate and unfair.
• Once a SAR is submitted, the business will almost always freeze the account or halt the transaction in question.
• The customer is not told why and legally cannot be said.
• In the UK, authorities must respond within seven working days. If consent to carry out the activity or transaction is refused, the authorities have a further 31 days to investigate and decide whether to apply for a court-monitored freezing order. If nothing happens within that period, the freeze ends automatically. Similar arrangements apply in other jurisdictions.
• By contrast, Jersey has no statutory timeframe for the authorities to respond. This can mean that people are unable to access their own money for months or even years, without explanation or recourse.
• For a jurisdiction that promotes itself as predictable, well-governed, and anchored in the rule of law, this is an uncomfortable and increasingly damaging inconsistency.
• If Jersey is to be seen internationally as trusted, dependable and fair, then the rules governing SAR consent must reflect those values. 
• https://www.linkedin.com/posts/boleat_financial-services-competitiveness-activity-7404437225356079104-l4UX?utm_source=share&utm_medium=member_desktop&rcm=ACoAAAA_6EIB0wPAWyjQcuq_XiD3asUV8xpMeZ0

Key issues raised:

• Importance of financial services: Jersey’s financial sector is vital to the economy (about 40 % of GDP and tax revenue), so regulatory credibility matters for competitiveness. Jersey Evening Post
• SAR process concerns:
• SARs can be filed on very low suspicion (e.g., algorithm alerts or minor discrepancies).
• Once a SAR is submitted, firms usually freeze accounts or transactions.
• Jersey has no fixed time limits or clear procedures for authorities to act after a SAR, meaning freezes can last months or even years without explanation. Jersey Evening Post
• Comparisons to other jurisdictions:
• In the UK, authorities must respond within seven working days and have 31 days to decide on action.
• In Switzerland and the EU, there are strict deadlines and automatic reviews.
• Jersey’s lack of deadlines and oversight makes it an outlier. Jersey Evening Post
• Consequences:
• Clients can’t access their own funds without a costly judicial review.
• Some businesses reportedly relocate because of the uncertainty.
• This undermines trust and Jersey’s positioning as a dependable finance centre. Jersey Evening Post
• Why it matters:
• If Jersey wants to be seen as credible and attractive internationally, its AML rules need clearer, fairer, and time-bound procedures, not just promotional campaigns. Jersey Evening Post

Observation

• Successive Governments have been asked to deal with this.
• To learn more, read the  2022 thoughts from  William Redgrave. https://www.bakerandpartners.com/insights/indefinite-informal-asset-freezes-the-beginning-of-the-end/
• The telling paragraph in the article's conclusion is:
  
  ⚠️The Royal Court of Jersey has more than once encouraged the Jersey legislature to introduce time limits. Fifteen years ago, it said of the indefinite informal freeze.
• And in 2025, nothing has changed

Source

• https://jerseyeveningpost.com/voices/2025/12/11/for-a-jurisdiction-that-promotes-itself-as-predictable-well-governed-and-anchored-in-the-rule-of-law-this-is-a-damaging-inconsistency/
• https://www.bakerandpartners.com/insights/indefinite-informal-asset-freezes-the-beginning-of-the-end/
• https://www.linkedin.com/posts/boleat_financial-services-competitiveness-activity-7404437225356079104-l4UX?utm_source=share&utm_medium=member_desktop&rcm=ACoAAAA_6EIB0wPAWyjQcuq_XiD3asUV8xpMeZ0