Proceeds
of Crime (Low Risk Financial Services Business) (Jersey) Order 2024
Official
Consolidated Version
This is an official version of consolidated legislation compiled and
issued under the authority of the Legislation (Jersey) Law 2021.
Showing the law from 10 September 2024 to Current
Proceeds
of Crime (Low Risk Financial Services Business) (Jersey) Order 2024
1 Designation of low risk financial services businesses
This Order designates
operations and activities as low risk financial services businesses.
2 Directors, but not for
trust company business
(1) The
activity of a natural person acting as a director of a company is a low risk
financial services business unless the activity is described in paragraph 23(2)(b)
of Schedule 2 to the Proceeds of Crime
(Jersey) Law 1999 (carrying on certain trust company business under
the Financial
Services (Jersey) Law 1998).
(2) Articles 7,
8, 9, 10, 11 and 11A of the Money Laundering
(Jersey) Order 2008 do not apply in respect of a low risk financial
services business described in this Article.
3 Crown and Anchor gambling
service
(1) The
activity of providing a gambling service by means of the game known as Crown
and Anchor is a low risk financial services business if the maximum amount that
a person can bet per game is £100 or less.
(2) The
Money Laundering
(Jersey) Order 2008 does not apply in respect of a low risk financial
services business described in this Article.
(3) In
this Article, “gambling service” has the meaning given by Article 2 of the
Gambling (Jersey) Law 2012.
4 Acceptance and payment of
withdrawable share capital by The Channel Islands Co-operative Society Limited
(1) The
activity of The Channel Islands Co-operative Society Limited of accepting an
amount of withdrawable share capital from a natural person is a low risk
financial services business unless the amount accepted from the person exceeds £500
in a day.
(2) The
activity of The Channel Islands Co-operative Society Limited of returning an
amount of withdrawable share capital to a natural person is a low risk
financial services business unless the amount returned to the person exceeds £500
in a day.
(3) Parts 3,
3A and 4 of the Money
Laundering (Jersey) Order 2008 do not apply in respect of a low risk
financial services business described in this Article.
5 [1]
6 Citation and
commencement
This Order may be cited as the Proceeds of Crime (Low Risk Financial
Services Business) (Jersey) Order 2024 and comes into force 7 days after
it is made.