A recent Quarterly Focus article in Commercial Dispute Resolution takes a practical look at Jersey as a leading international finance centre. With growing scrutiny, Jersey is placing greater emphasis on preventing, detecting and enforcing against financial crime.
The article explains how Jersey’s approach has quickly evolved. There are now tighter anti-money laundering and countering the financing of terrorism (AML/CFT) rules, more businesses are covered, and there is a stronger focus on corporate accountability and sanctions compliance. It also looks at how regulatory expectations have changed in response to international reviews and the challenges of cross-border finance.
Thomas Harris, Senior Associate in the Parslows LLP Litigation and Dispute Resolution team, comments on some of the key changes. These include updates to Jersey’s Proceeds of Crime laws, the new offence of failing to prevent money laundering, and the introduction of the Deferred Prosecution Agreements Law 2023. All of these changes point towards clearer responsibilities, stronger enforcement tools, and a more proactive approach to preventing financial crime.
The article also looks at the wider enforcement landscape. It covers the impact of Jersey’s MONEYVAL inspection, recent updates to the AML/CFT/CPF Handbook from the Jersey Financial Services Commission, the growing role of the Financial Intelligence Unit, and Jersey’s international cooperation through the Egmont Group.
The article highlights that Jersey remains a key jurisdiction for fraud and asset tracing cases. The courts are willing to grant urgent injunctive relief, but they examine these applications carefully. It also discusses recent sanctions cases, such as asset-freezing measures involving Roman Abramovich, and what these cases show about the practical challenges of complex investigations.
If your business operates in or through Jersey, the article is well worth reading. It is practical, up-to-date, and highly relevant.
If you need clear, practical advice on these issues, please get in touch with Thomas Harris in our Litigation team.