Jersey

Sanctions

No

FATF AML Deficient List

No

Higher Risk

Offshore Finance Centre

Medium Risk

US Dept of State Money Laundering assessment
Weakness in Government Legislation to combat Money Laundering

Please reload

 

ANTI-MONEY LAUNDERING

 

FATF Status

Jersey is not on the FATF List of Countries that have been identified as having strategic AML deficiencies

 

Compliance with FATF Recommendations

The last Mutual Evaluation Report relating to the implementation of anti-money laundering and counter-terrorist financing standards in Jersey was undertaken in 2016. According to that Evaluation, Jersey was deemed Compliant for 17 and Largely Compliant for 31 of the FATF 40 + 9 Recommendations. It was Partially Compliant or Non-Compliant for 0 of the 6 Core Recommendations.

 

 

 

US Department of State Money Laundering assessment (INCSR)

Jersey was deemed a Jurisdiction of Primary Concern by the US Department of State 2016 International Narcotics Control Strategy Report (INCSR), however it is no longer on the Primary Concern list.  Key Findings from the 2016 report were as follows: -

Jersey, the largest of the Channel Islands, is an international financial center offering a sophisticated array of offshore services. Jersey is a self-governing British Crown Dependency with its own parliament, government, legal system, and jurisprudence. The UK is responsible for Jersey’s defense and international representation, while the island has autonomy in relation to its domestic affairs, including taxation and the regulation of its financial services sector.

The financial services industry is a key sector, with banking, investment services, and trust and company services accounting for approximately half of Jersey’s total economic activity. As a substantial proportion of customer relationships are with nonresidents, adherence to know-your-customer rules is an area of focus for efforts to limit illicit money from foreign criminal activity. Jersey authorities continue to indicate concern regarding the incidence of domestic drug-related crimes. The customs and law enforcement authorities devote considerable resources to countering these crimes. A large proportion of suspicious activity reporting is tax-related. In January 2015, Jersey published a typologies report outlining laundering methods and techniques of concern including tax evasion, corruption, laundering the proceeds of corruption with the involvement of politically exposed persons (PEPs), the use of money service businesses, and the use of pre-paid cards. Island authorities have undertaken successful measures, as recent high profile cases have shown, to protect the financial services industry against the laundering of the proceeds of foreign political corruption. Jersey requires beneficial ownership information to be obtained and held by its regulated trust and company service providers and by its company registrar in a central registry, which can be accessed by law enforcement and tax authorities.

 

SANCTIONS

There are no international sanctions currently in force against this country.

 

BRIBERY & CORRUPTION

Rating                                                                           (100-Good / 0-Bad)

Transparency International Corruption Index                           N/A

World Governance Indicator – Control of Corruption              84

 

ECONOMY

Jersey's economy is based on international financial services, agriculture, and tourism. In 2010, the financial services sector accounted for about 50% of the island's output. Potatoes, cauliflower, tomatoes, and especially flowers are important export crops, shipped mostly to the UK. The Jersey breed of dairy cattle is known worldwide and represents an important export income earner. Tourism accounts for one-quarter of GDP. Living standards come close to those of the UK. In recent years, the government has encouraged light industry to locate in Jersey with the result that an electronics industry has developed, displacing more traditional industries. All raw material and energy requirements are imported as well as a large share of Jersey's food needs. Light taxes and death duties make the island a popular tax haven. In October 2014, Jersey signed an OECD agreement to automatically exchange some financial account information to limit tax avoidance and evasion.

 

Agriculture - products:

potatoes, cauliflower, tomatoes; beef, dairy products

Industries:

tourism, banking and finance, dairy, electronics

Exports - commodities:

light industrial and electrical goods, dairy cattle, foodstuffs, textiles, flowers

Imports - commodities:

machinery and transport equipment, manufactured goods, foodstuffs, mineral fuels, chemicals

 

Country Links
States of Jersey Police & Customs Joint Financial Crime Unit (FCU-Jersey)
Jersey Financial Services Commission
Other Useful Links
FATF
US State Department
Transparency International
World Bank
CIA World Factbook

KnowYourCountry Limited has achieved ISO 9001:2015 Certification for the provision of on-line information of money laundering and sanction information on a country by country basis

© 2019 - KnowYourCountry Limited