Jersey’s government has today released its first centrally co-ordinated NRA of money laundering.  The NRA is designed as a tool to facilitate better understanding of the risk of Jersey being used to launder the proceeds of crime.  It's preparation is a recommendation of the Financial Action Task Force, the international standard setter on financial crime.

The NRA demonstrates Jersey has a comprehensive infrastructure of institutions, laws and processes to combat money laundering.   This is consistent with previous international assessments which confirmed Jersey has high standards in the prevention of financial crime.  Importantly, the NRA also identifies areas where additional action is recommended and the report includes a summary of residual money laundering risk for Jersey, both in terms of themes and sector by sector. 

An action plan will be established to address the NRA's detailed findings over the coming months, which will involve Government, the regulator and Jersey’s financial services industry working together to ensure our defences against money laundering are as robust as possible.

Jersey is committed to carrying out further reviews in 2021 to assess the threat of being used to facilitate terrorist financing, and updating the NRA, so that a process is established to ensure the Island’s defences are constantly reassessed and improved. This process will be designed to protect Jersey's finance industry and reputation as a highly co-operative and transparent jurisdiction that seeks to lead the fight against financial crime now and in the future.

The full NRA report is available from the Government of Jersey here.