Jersey's Financial Intelligence Unit has broken away from the island's police force and established itself as a separate intelligence agency.
Previously, it was part of Jersey Police's Joint Financial Crimes Unit but is now "operationally independent" following a change in the law.
The agency is responsible for gathering financial intelligence which can be used to crack down on money laundering, funding terrorism, and other financial crimes.
The FIU now reports directly to the Chief Minister, who has given her assistant minister political responsibility for the island's Financial Services industry.
Assistant Chief Minister, Deputy Elaine Millar said: "This development is another demonstration of the Government of Jersey’s intention to follow international best practice and establish the FIU as an independent intelligence agency.
"We are committed to combatting financial crime and, in line with international standards, this is another step towards the FIU becoming fully independent and autonomous", she added.
FIU Director, Jonathan Groom, said the change allows the unit to continue to grow: "This is a critical milestone for the FIU, the government, and the island not only in establishing the capability needed to support Jersey’s investigative and prosecutorial teams but importantly to enable us to develop a clearer understanding of the financial crime risk we face both domestically and internationally."
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