Jersey MoU Targets Financial Crime

by Robin Pilgrim, LawAndTax-News.com, London

10 October 2011

The Jersey Financial Services Commission and the States of Jersey Police have entered into a Memorandum of Understanding to forge a cooperative relationship to more effectively tackle financial crime.

Under the arrangement, the Police will pass the Commission information which indicates a significant breach of regulatory legislation or contravention of a binding regulatory requirement. Whilst the Commission and the Police already have procedures in place to permit the exchange of relevant confidential information, the Memorandum formally records the type of information which they will pass to each other. The information that the Commission will pass to the Police will include that which indicates a significant financial crime may have been committed.

The Memorandum also sets out a protocol for the establishment of joint Commission/Police case conferences in cases involving individuals suspected of committing both criminal offences and regulatory breaches. In addition, the Memorandum sets out a protocol for the joint execution of search warrants where the Commission has sought one from the Bailiff in order to obtain information to further a regulatory investigation.

In a joint statement, John Harris, Director General of the Jersey Financial Services Commission and Mike Bowron, Chief Officer of the States of Jersey Police, said:

“The Commission and the Police have long had a close and fruitful working relationship and we are therefore delighted to sign this Memorandum of Understanding which formally puts on record the circumstances in which our organisations will co-operate with each other and, in particular, sets out the type of information which we have agreed to pass to each other to assist in the carrying out of our respective functions.”

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