Jersey to target money laundering and terrorism

A wholesale review of the Island’s ‘vulnerabilities’ to money laundering and terrorist financing is likely to be carried out soon.

The authorities responsible for combatting financial crime believe there is a need for the review as a result of the economic downturn.

Jersey firms are venturing further afield to secure new business and are now commonly working with individuals and firms from jurisdictions considered of a high risk.

Changes were announced last week to the strategy that is designed to stop Jersey being used by crooks and terrorists to clean up cash.

Source: This is Jersey