Two government consultations could pave the way for new legislation to help combat financial crime in the island.
High on the agenda will be measures to control money laundering and funds used to finance terrorism.
The Financial Intelligence Unit Bill puts the legal framework in place for a separate Financial Intelligence Unit which will have extra information gathering powers. The unit will be distinct from the police’s Financial Crimes Unit. The international norm is for the two functions to be separated.
The island is currently preparing for an external inspection to assess how effectively it meets the latest international standards in preventing money laundering or financing of terrorism. This inspection is to be conducted next year by MONEYVAL, which is the Council of Europe’s committee of experts on anti-money laundering measures and preventing the financing of terrorism. Jersey recently set up a similar unit in preparation for its MONEYVAL assessment in January. MONEYVAL acknowledged the unit was necessary and that it would need additional intelligence gathering powers.