JERSEY PUBLISHES RISK OVERVIEW OF VIRTUAL ASSETS SECTOR

On 27 May, Jersey published its first National Risk Overview of the Virtual Asset sector in Jersey.  It is noted that Jersey is not currently aligned to the FATF Standards but that new legislation will resolve this.  It also noted that the sector in Jersey remains small, meaning that the risks relating to money laundering and terrorist financing are perceived to be limited, although there is some indirect exposure where business is carried on with entities who themselves deal with virtual assets directly.  It warns that a conservative approach has served as a mitigating factor but has also discouraged authorities and firms from developing a deeper understanding of the sector, and the risks it can present. 

https://www.jerseyfsc.org/news-and-events/the-government-of-jersey-publishes-risk-overview-of-virtual-assets-sector/

https://www.step.org/industry-news/jersey-risk-assessment-finds-virtual-asset-aml-risk-low

https://www.gov.je/Industry/Finance/Pages/NationalRiskAssessmentVASPs.aspx

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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