Spotlight On… MONEYVAL Report 2016

Author:Jersey Finance
Profession:Jersey Finance Limited

The MONEYVAL report on Jersey was published on 24 May 2016 giving Jersey a very positive rating.

What is the MONEYVAL report?

MONEYVAL is the Council of Europe's Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism.

It undertook a comprehensive evaluation of certain aspects of the Jersey's institutional, legislative and regulatory framework to deter money laundering and the financing of terrorism through financial institutions.

MONEYVAL began its assessment of Jersey in January 2015 and culminated in publishing a 300-page report on 24 May.

MONEYVAL gave Jersey a very positive rating.

It describes Jersey as having a:

"mature and sophisticated regime for tackling money laundering and the financing of terrorism".

Key findings

Of the 49 assessment areas, Jersey was rated compliant or largely compliant in 48.

This is an excellent rating. It is the highest score amongst all states assessed in the MONEYVAL fourth evaluation cycle.

Why is this significant?

For Jersey to offer its services as a leading international finance centre to the wider world and particularly to expanding markets such as the Middle East and Asia, it's critical for Jersey to have a strong anti-money laundering and terrorist financing regime. These qualities are the cornerstone of our professional services offering.

MONEYVAL's thorough and in-depth report ranks us at the very top of the global table and confirms that the Island is consistently strong in this area.

This demonstrates that Jersey is the leading jurisdiction regarding transparency and countering financial crime.

The report endorses and highlights Jersey's ability to combat financial crime through a sophisticated system of capturing ownership information about entities and structures in the jurisdiction.

Jersey's beneficial ownership model puts it at the forefront of the transparency agenda.

This also reflects that the wider frameworks and supervisory systems in place in Jersey set it apart from most other jurisdictions.

"Jersey's combination of a central register of the UBO with a high level of vetting/evaluation not found elsewhere and regulation of TCSPs of a standard found in few other jurisdictions has been widely recognised by international organisations and individual jurisdictions as placing Jersey in a leading position in meeting standard of beneficial ownership transparency."

"The World Bank in their 2011 Report under the Stolen Assets Recovery Initiative...

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