More Jersey Firms May Have To 'Know Their Customers', Report Suggests

by Carla Johnson, Investors Offshore.com

09 October 2002

Jersey is likely to follow suit when the UK adopts tough new laws regarding the seizing of criminal assets under the Proceeds of Crime Act, according to a report in the Jersey Evening Post.

Chairman of the Jersey Finance Industry Association, Anthony Dessain explained to the JEP this week that: 'The Act is not yet in force in the UK and until it gets through the political system we will not know exactly what form it will take and we will want to look at it in detail.'

He continued: 'I do not see that it is going to impact greatly on the finance industry, in the sense that it will put a bit more detail on what we already have in place. But the impact will be on people who provide high value goods - jewellers, car dealers and estate agents who may be subject to know your customer requirements.'

However, the JFIA chief concluded that: 'Given that we have exactly the same regime as the UK, and recognising that the UK and Jersey are ahead of many countries, it is important that we do not fall behind because that gives people the opportunity to dump themselves on us. We would certainly expect that, as a matter of principle, we would want to be in step.'

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