The Government of Jersey has published its National strategy for combatting money laundering, the financing of terrorism and the financing of proliferation of weapons of mass destruction.
The purpose of the strategy and action plan is to document Jersey’s position in supporting international efforts in the fight against all forms of financial crime and areas of focus to increase effectiveness.
This financial crime strategy sets out the island’s vision, strategy and action plan for combatting:
• Money laundering
• Financing of terrorism
• Proliferation financing
In addition, it has published its National statement on financial services and financial crime: activities, risk appetite and mitigation, setting out Jersey’s approach to risk relating to its finance sector:
• Outlining the main sources and types of risk Jersey’s finance centre presents
• Articulating the boundaries of Jersey’s appetite for financial services related activities
• Setting out the framework for how Jersey identifies, sets tolerance for and mitigates risk.
The risk statement will be updated in response to any significant changes and revised annually by government.
The risk appetite defines what risks are accepted and which are not and the overall risk is removed or reduced via the actions in the plan. Overall these two documents contribute to one single National financial crime workplan.