A LAW to amend the Proceeds of Crime (Supervisory Bodies) (Jersey) Law 2008.

THE STATES, subject to the sanction of Her Most Excellent Majesty in Council, have adopted the following Law –

“8A   Duty of supervisory body to use a risk-based approach

(1)     In performing its obligations under this Law, a supervisory body must use a risk-based approach.

(2)     In this Article, “risk-based approach” means determining the scrutiny that a supervised person or supervised business requires on the basis of the following –

(a)     the money laundering and terrorist financing risks associated with the supervised person or supervised business, as identified under paragraph (3) by the supervisory body’s assessment of the supervised person’s or supervised business’s risk profile;

(b)     the policies, internal controls and procedures associated with the supervised person or supervised business, as identified under paragraph (3) by the supervisory body’s assessment of the supervised person’s or supervised business’s risk profile;

(c)     the money laundering or terrorist financing risks present in the jurisdiction in which the supervised person or supervised business is based;

(d)     any other characteristic of the supervised person or supervised business that the supervisory body reasonably considers to be relevant.

(3)     In devising a risk profile for a supervised person or a supervised business, the supervisory body must take account of the International Standards on Combating Money Laundering and the Financing of Terrorism and Proliferation as published from time to time by the international body known as the Financial Action Task Force.”.