Jersey has long been recognised for its commitment to upholding the highest international standards in finance, and the latest independent report from MONEYVAL, the Council of Europe’s permanent monitoring body, solidifies this reputation.
The report, which evaluates the effectiveness of jurisdictions in combating money laundering and countering the financing of terrorism, places Jersey among the elite few globally for its robust measures and proactive stance against financial crime. The MONEYVAL Fifth Round Mutual Evaluation Report is a testament to the dedication and hard work of Jersey’s financial services ecosystem, encompassing policy makers, regulators, and practitioners. It highlights several key achievements and areas where Jersey excels, setting a benchmark for other jurisdictions to follow.
Risk Understanding and Cooperation
One of the conclusions of the report is Jersey’s exceptional level of effectiveness in understanding risks and ensuring national cooperation and coordination. This level of efficacy is matched by only three other jurisdictions worldwide. It reflects the collaborative effort and strategic coordination between various entities in Jersey, ensuring that risks are not only understood but mitigated through comprehensive and well-implemented policies.
Transparency in Beneficial Ownership
Jersey is also praised for the accuracy and transparency of beneficial ownership information for legal persons and arrangements. The report acknowledges the extensive range of measures in place to mitigate risks, a feature that few other countries can boast. This transparency is crucial in preventing the misuse of legal entities for illicit purposes and showcases Jersey’s commitment to maintaining a clean and transparent financial environment.
Commitment to International Cooperation
Further enhancing Jersey’s standing is its role in providing mutual legal assistance and other forms of international cooperation. This demonstrates Jersey’s dedication to being a responsible and effective partner on the global stage, aiding in the fight against financial crime across borders. Such cooperation is essential in today’s interconnected world, where financial crimes often span multiple jurisdictions.
Proactive Measures
While the report does not call for any fundamental improvements to Jersey’s regime, it does recommend enhancements in areas such as supervision, preventative measures, financial intelligence, and the investigation and prosecution of financial crimes. Importantly, many of these recommended actions are already underway, reflecting Jersey’s proactive approach to continuous improvement.
Commenting on the report, HIGHVERN’s Group Director and head of Private Wealth, Naomi Rive said, “Jersey’s recognition by MONEYVAL is a proud moment for all who contribute to its financial services ecosystem. It affirms Jersey’s position as a leader in global finance, committed to the highest standards of transparency, cooperation, and effectiveness in combating financial crime. This achievement reflects the collective dedication to making Jersey a safe, reliable, and exemplary financial centre.”
For more detailed information, see detail report here 1680b10dd7 (coe.int)
