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United Kingdom: Experts warn Jersey authorities over money laundering prosecutions and convictions

Greater effort should be made to increase the number of money laundering convictions and confiscations in Jersey.

That is the view of the Council of Europe’s Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (or MONEYVAL).

It says that despite Jersey’s “mature and sophisticated regime” for tackling money laundering and the financing of terrorism, the number of money laundering convictions and confiscations is “relatively low given the size and characteristics of the island’s financial sector.”

The MONEYVAL report authors say the United Kingdom Crown Dependency is “confronted with a range of money laundering risks,stemming from the nature of its financial sector business conducted in or from Jersey, which creates a material vulnerability to being used in the layering and integration stages of money laundering schemes.”

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