Jersey's finance sector scrutinised to ensure compliance with international rules

  • ITV News takes a look at the Moneyval inspection process and its impact on the Channel Islands

Jersey's finance sector is under the spotlight, as the island prepares to be assessed for whether it complies with international standards on preventing financial crime.

A team of inspectors from Moneyval, a European authority that regularly checks more than 30 jurisdictions, are on the island and are due to begin their work on Wednesday 27 September. 

They will look at the island's ability to combat money laundering and the financing of terrorism.

Jersey, which is currently on a so-called 'white list' is hoping to avoid being added to a 'grey list', which would be financially and reputationally damaging for a financial sector that makes up nearly 40% of government revenue. 

There is also a 'black list' for countries designated as 'high risk'. Only Myanmar, Iran, and North Korea are currently on the list. 

As part of the assessment, Moneyval will talk to government bodies throughout the island, including the newly formed Financial Intelligence Unit; as well as banks, estate agents, and online gambling firms. 

In the run-up to the assessment, Jersey carried out its first national risk assessments into money laundering and terrorist financing. 

They also introduced new rules, encouraging companies to come forward about financial crime by introducing deferred prosecution agreements. 

Once the assessment is completed, the assessors will write a report due to be published in 2024. 

Guernsey also is regularly assessed by Moneyval and has its next check next year. 

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