7. Other relevant matters

a. Regulation

The Jersey Financial Services Commission supervises the financial services sector in Jersey, including depositor, investor and policyholder arrangements. The Financial Services (Jersey) Law 1998 requires trust and company service providers, investment businesses, funds services businesses and insurance mediation businesses to be registered. The Jersey Financial Services Commission has issued Codes of Practice to establish sound principles for the conduct of trust company business: the most recent version of those Codes of Practice was issued in January 2008.

b. Anti-money laundering

Jersey has a comprehensive legislative framework in place to combat money laundering and to counter the financing of terrorism. All financial services businesses must comply. Following a recent extensive consultation and review process, legislation has been introduced to replace the former Money Laundering Order and guidance notes with the Money Laundering (Jersey) Order 2008. Jersey recognises that it must keep its regulatory regime under constant review in order to maintain the appropriate level of legislation required to comply with international standards.

c. Resources

i. Legislation

Drug Trafficking Offences (Jersey) Law 1988

Investigation of Fraud (Jersey) Law 1991

Financial Services (Jersey) Law 1998

Proceeds of Crime (Jersey) Law 1999

Criminal Justice (International Co-operation) (Jersey) Law 2001

Terrorism (United Nations Measures) (Channel Islands) Order 2002

Terrorism (Jersey) Law 2002

The Al-Qa’ida and Taliban (United National Measure) (Channel Islands) Order 2002

Proceeds of Crime (Substitution of Schedule 2) (Jersey) Regulations 2008

Money Laundering (Jersey) Order 2008

Money Laundering (Amendment) (Jersey) Order 2008

ii. Websites

Jersey Financial Services Commission

Jersey Legal Information Board

Acknowledgement: STEP is grateful to Graham Boxall TEP of Appleby, St Helier, Jersey for his contribution to the STEP Directory and Yearbook 2009. Simon Worsey of Appleby, St Helier, Jersey was mistakenly printed as an editorial board member instead of Graham. STEP would like to apologise to Simon and Graham for the error.

© 2012 Society of Trust & Estate Practitioners