A consultation paper on the drafts of two new anti-money laundering and terrorist financing measures has been published by the Jersey Financial Services Commission.
The 64 page document contains proposals to update Jersey’s measures to combat money laundering in line with key elements of the revised Financial Action Task Force (FATF). It sets out the outlines of two documents, a draft Money Laundering (Jersey) Order 200- to replace an existing order form 1999, while the draft Handbook for the Prevention and Detection of Money Laundering and Terrorist Financing will replace the existing guidance notes for the finance sector. The new documents propose a number of changes to the existing regime including: A risk-based approach to customer due dilig...
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