JTC, the global professional services provider founded in 1987 in Jersey, has welcomed the latest findings from MONEYVAL following the publication of its assessment of the jurisdiction.
International assessors from MONEYVAL, (short for the Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism) visited the Island in 2023 and published its findings this week evaluating the measures taken to combat money laundering and the financing of terrorism.
The key findings were:
- MONEYVAL commends Jersey for taking steps to strengthen its legal and regulatory framework to combat money laundering (ML), financing of terrorism (FT) and financing of proliferation (FP)
- On the operational side, Jersey has achieved a high level of effectiveness for its understanding of ML/TF risks and implementing adequate AML/CFT policies and strategies to mitigate them.
- The operational independence of Jersey’s Financial Intelligence Unit (FIU) and its resources have significantly improved since the last MONEYVAL assessment.
You can read the full report here: MONEYVAL 2024
Commenting on the report, Kenny Rae, Managing Director – Jersey, said:
“We welcome the findings of the latest MONEYVAL report which once again confirms that Jersey’s effectiveness in preventing financial crime is among the highest level found in jurisdictions evaluated around the world.”
“The Jersey financial services industry has proven that it continues to lead the way when it comes to upholding the highest standards and demonstrating its resilience towards tackling financial crimes. We would like to praise the hard work undertaken by the Jersey Financial Services Commission and the Government of Jersey for facilitating the assessment and achieving such a positive outcome for the jurisdiction.”
JTC was founded in 1987 in Jersey and retains its headquarters, JTC House, at the heart of the Island’s financial district. The group has grown to over 1,700 owner colleagues worldwide and administers over $335bn in assets.
The Jersey office continues to provide a wide range of fund, corporate and private client services, together with innovative solutions including banking and treasury, employer solutions, and the newly launched JTC Law.
