This law will provide the necessary legal framework to oversee those employed in any business or profession where money laundering or financing of terrorism could take place – including finance companies, lawyers, accountants and insolvency practitioners.

Also included are other groups such as estate agents, casino operators and sellers of high value goods.

It is envisaged that the Jersey Financial Services Commission will be designated as the supervisory body for all of these businesses in the first instance.

However, in the case of the legal and accountancy professions, it is envisaged that the appointment of the Commission would be subject to a review after 18 months to give those professions an opportunity, should they wish to do so, to explore the possible appointment of alternative oversight bodies.

These proposals form part of a raft of legislation and other changes to ensure that Jersey meets international standards when the IMF conducts its review later this year of Jersey’s performance as a finance centre.

Issue of these draft laws follow an earlier consultation in May 2007, when the AML/CFT Strategy Group consulted on the principles of the proposed legal framework. In August 2007, the Group published a feedback paper that summarised the responses received and set out the way forward.

Martin De Forest Brown, Director of International Finance, stated on Friday that:

“As international standards for the finance industry continue to adapt, it is important that Jersey remains up to date and retains its position as a leading international finance centre. Once again, the JFSC has been asked to undertake these tasks and they are already advising those for whom these are new requirements.”

The current consultation paper (along with the previous consultation paper and the responses to it) can be viewed on the States website, and paper copies can be obtained from the States Bookshop, the Customer Services Centre at Cyril Le Marquand House and the Jersey Library.

Interested parties and individuals are invited to submit responses to the draft law by 8 February 2008.