Jersey Ranked Among World's Most Effective Jurisdictions in Combating Financial Crime, Says MONEYVAL

(MENAFN- Edelman) July 29, 2024 – Riyadh, Saudi Arabia – Jersey, a leading international financial centre (IFC), has been recognised for upholding high levels of effectiveness in international standards for combatting money laundering and countering the financing of terrorism, in a key report published on Wednesday, 24 July.

The independent report by MONEYVAL, the Council of Europe’s permanent monitoring body, concludes that Jersey’s effectiveness in preventing financial crime is among the highest levels found in jurisdictions evaluated around the world.
The MONEYVAL Fifth Round Mutual Evaluation Report assesses Jersey against international standards to determine the effectiveness of the Island’s anti-money laundering and counter-terrorist financing measures.

Key conclusions from the report include:
• With respect to risk understanding and national co-operation and co-ordination, Jersey reaches a level of effectiveness only seen in three other jurisdictions worldwide
• Jersey is praised for the accuracy and transparency of beneficial ownership information for legal persons and arrangements, with the report recognising the range of mitigating measures in place to reduce risk which occurs in few other countries
• Jersey is recognised for its important and effective role in providing mutual legal assistance and other international cooperation, demonstrating its commitment to being a responsible international partner
• No “fundamental improvements” are required to the Jersey regime
• There are recommendations for improvements in the areas of supervision, preventative measures, financial intelligence and investigation and prosecution, where many actions are already underway

Jersey Finance acknowledged the positive outcome. Joe Moynihan, CEO of Jersey Finance, said: "This Report, produced in accordance with agreed-upon international standards, strongly endorses Jersey’s capabilities as a jurisdiction in combatting financial crime and reflects its commitment to upholding the very highest standards on the global stage. This report should send investors a powerful and positive message worldwide and give them confidence in Jersey’s current and future standing.”

He added: “Its publication, following an extensive review and engagement process, reflects in particular the substantive joined-up approach of our industry, working in tandem with the Government of Jersey, the Jersey Financial Services Commission and other agencies, and we thank them all for their efforts to evidence Jersey’s standing as a responsible and reputable jurisdiction. Recognising that the long-term direction for international financial services is towards greater sophistication in tackling financial crime, we remain committed to delivering this as a jurisdiction to stay at the forefront of cross-border financial services.”

The report demonstrates Jersey’s ongoing commitment to complying with international standards.

Jersey has been a leading international finance centre for more than 60 years, offering a forward-thinking and ESG-driven approach across banking, corporate services, fintech, funds, investment management, private wealth, and specialist areas like Islamic finance and philanthropy. Financial firms in Jersey provide services to clients around the world, plus over 30 Jersey-based financial firms also operate in the Gulf region, and four have recently set-up in the Kingdom of Saudi Arabia.

MENAFN29072024003109013942ID1108493506