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Ref. DC 090(2016)

Council of Europe experts urge Jersey to increase money laundering convictions

http://bit.ly/1qGq6t3

Strasbourg, 24.05.2016 – Jersey has a mature and sophisticated regime for tackling money laundering and the financing of terrorism, as well as an internationally-recognised mechanism to ensure transparency of beneficial ownership information.

However, the number of money laundering convictions and confiscations is relatively low given the size and characteristics of the island’s financial sector.

These are among the main findings in the latest report on the UK’s Crown Dependency of Jersey from the Council of Europe’s Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (or MONEYVAL), adopted in December 2015 (see also the executive summary).

This is the last in a cycle of MONEYVAL evaluation reports based on methodology set out by the Financial Action Task Force (FATF) in 2004. MONEYVAL is currently evaluating its members according to the FATF’s updated 2013 methodology.

Contact : Andrew Cutting, Spokesperson/Media Officer in Brussels, tel. +32 485 217 202

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The Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL) is a Council of Europe body that assesses compliance with the relevant international and European standards to counter money laundering and terrorist financing, and makes recommendations to national authorities. 28 Council of Europe member states are currently subject to MONEYVAL’s evaluation procedures, as well as Israel, the Holy See (including the Vatican City State), the United Kingdom’s Crown Dependencies of Guernsey, Isle of Man and Jersey and the United Kingdom Overseas Territory of Gibraltar.