IMF take another look at how Island is ‘plugging the gaps’

Wednesday 7th November 2012, 9:56AM GMT.

The European authorities want to know what Jersey has done to improve its anti-money-laundering capabilities

JERSEY’S finance industry will come under scrutiny again from the International Monetary Fund next year.

Inspectors working on behalf of the IMF will focus on Jersey to see what the Island has done to plug gaps previously identified in its anti-money-laundering armoury. The Council of Europe has agreed to appoint a body named Moneyval to carry out a review of Jersey, Guernsey and the Isle of Man on behalf of the international community. The IMF team carried out a wide-ranging assessment of anti-money-laundering and counter-terrorist financing measures in the Island that was published in 2009.

As part of the assessment, the inspectors looked at how well the Island complied with 49 recommendations laid down by what is known as the Financial Action Task Force, an inter-governmental body responsible for developing and promoting policies designed to combat money laundering and terrorist financing.

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1
Bean Abroad

November 7, 2012 at 3:12 pm

Yawn. Yet another review of our regulatory framework by an outside body, more interested in pointing out the deficiences in our regime rather than their own. Mighr want to check your own back yard before commenting on ours?

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2
CP

November 7, 2012 at 4:40 pm

They’d be better off getting their own house in order first. If EU controls where up to the task, the money would never reach Jersey- passing through London.

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