Financial Intelligence Unit (FIU) Jersey

We have published our 2024 Q3 #SAR report, which can be read here: https://go.fiu.je/2024Q3. Key findings in this quarter's report show: 👉 The number of SARs for the quarter increased by 4.8% compared to the same period in 2023 but represented a decrease of 11.4% compared to Q2 2024. 👉 As per previous quarters, #Banking was the largest reporting sector, accounting for 61.6% of all SARs submitted in Q3 2024. 👉 There was an increase of 19% in the volume of #ConsentRequests seeking #Consent from the FIU to #Act, #Transact or #Exit in Q3 2024. As per our other #SARreports, this report aims to provide the reader with insight into SAR reporting trends. It also allows the FIU to provide generic feedback to SAR submitters on recorded data received by the FIU. The report also includes a scenario related to potential #typology relevant to #Jersey, focusing on #Bribery and #Corruption. Information contained in SARs is considered vitally important in the global fight against #financialcrime. Good quality SARs allow the FIU to better undertake #intelligence research, assessment, and #analysis to understand suspected criminal activity, #ML/ #TF/ #PF #typologies, emerging threats, #risks, and trends amongst other threat-based requirements. As we enter a significant phase of our transformation programme and ongoing process changes, SAR template improvements and reporting mechanisms will continue, and the industry will be approached for their input at opportune times. Finally, this Q3 2024 report contains data regarding the #feedback provided to industry on the quality of SARs submitted to the FIU. It shows that the level of good reporting has been maintained at approximately 84%. #Terroristfinancing #Moneylaundering #Proliferationfinancing, Government of Jersey, Jersey Financial Services Commission, Jersey Finance, Jersey Financial Intelligence Network

🙏Thank you, Egmont Group of Financial Intelligence Units Information Exchange Working Group, for your recently published #report "The role of #FIUs in the NRA process". 👉The key five takeaways that the report highlights are: 🎯 The crucial role of #FinancialIntelligenceUnits (FIUs) in #NationalRiskAssessment processes, emphasising their impact on combating #FinancialCrime and enhancing #NationalSecurity. 🎯 #Collaboration between national and international agencies is underscored as essential for effective #RiskManagement and #SecurityProtocols. 🎯 Tracing the historical role of FIUs in national risk assessment and exploring the #legislative and #regulatory frameworks that have shaped their functions and responsibilities. 🎯 It discusses the integration of advanced #AnalyticalTools, #Artificial #Intelligence (#Ai), and #BigData #analytics to enhance the capabilities of FIUs in supporting the NRA process. 🎯 Addressing #challenges faced by FIUs, such as #ResourceConstraints, #DataPrivacy concerns, and the need for international cooperation, while providing #insights into overcoming these obstacles and leveraging opportunities to strengthen national risk assessment processes. Government of Jersey, Financial Action Task Force (FATF), #MoneyLaundering #AML #CFT #FinTech #TechnologyInFinance The full report can be downloaded from the link in the post below👇

Thank you to all the #JFIN-#Banking members and guests from #SierraLeone and #SouthAfrica Banks who attended this special JFIN #Roundtable—an informative session with good discussion points, as mentioned below. #LocalUnderstanding #KYC #CommunitySavingsSchemes #SourceOfFunds #ML #ThreatIdentification #ThreatUnderstanding

🙏 Thank you, States Assembly – Jersey's elected parliament, for providing our team with the tour. We enjoyed learning about the #history and significance of key moments that have shaped the States of #Jersey (#Government) throughout its history and the #Royal connections. We highly recommend it! Government of Jersey, Law Officers' Department, Jersey #IslandHistory #PowerToVote #ServingThePublic #IslandParishes

The #UK government is investigating 37 UK-linked businesses for potentially breaking #Russian oil #sanctions, with no fines handed out so far. Some of the businesses are likely to be #maritime #insurance firms. The Treasury cited the complexity of the cases as a reason for the considerable time taken in investigations. Sanctions on Russia include a cap on the price of #RussianOil to ensure oil can keep flowing without #Russia making large profits. Data obtained using Freedom of Information laws shows that 52 companies with UK connections are suspected of breaching the #PriceCap, with 37 investigations ongoing and 15 concluded. Read more here: https://go.fiu.je/c3fa09 #ShadowFleet #RussianUkraineWar #TerroristFinancing #TF #SanctionsEvasion #SanctionsCircumvention #CorporateStructures #FinancialSanctionsImplementationUnit, Jersey Financial Services Commission, Dan Marcos

👉 NEWS - The Financial Action Task Force (FATF) has announced significant changes to the process of adding jurisdictions to its #greylist. The most notable change is that countries with an income below $10 billion will generally not be grey listed. This adjustment aims to reduce the scrutiny on poorer countries due to concerns about #moneylaundering or #terroristfinancing. According to Elisa de Anda Madrazo, the new president of FATF, these changes are expected to lead to a considerable decrease in the number of grey-listed #jurisdictions. She emphasized that the modifications are designed to prevent penalizing lower-income countries and that many jurisdictions currently on the grey list may no longer meet the criteria. 👉 Furthermore, de Anda highlighted that #higherstandards are being set for full FATF member states, while countries above the $10 billion threshold but facing high debt distress will also receive additional time before being grey listed. Read the full story here: https://go.fiu.je/2b6 #Regulation #MONEYVAL #GreyListShakeup #HigherStandards #Compliance Government of Jersey, Jersey Financial Services Commission, Law Officers' Department, Jersey

In the spirit of #collaboration and #partnership, we have hosted the Director and Deputy Director of the #SierraLeone Financial Intelligence Agency (#FIA) to Jersey on a study visit and mentoring programme. The delegation focused on engaging with public authorities involved in anti-#moneylaundering (#AML), Countering the Financing of #Terrorism (#CFT), and Counter- #ProliferationFinancing (#CPF). #Jersey is a member of the Egmont Group of Financial Intelligence Units, and Sierra Leone is a candidate member of the Group. The #EgmontGroup is the global #intelligence collective focused on #FinancialCrime. Sierra Leone and Jersey have organised the first-ever Egmont Group-sponsored study visit to share ideas, best practices and common challenges as #FIUJersey transforms and FIA Sierra Leone develops. The trip was generously funded by the Egmont Centre of Excellence and Leadership (#ECOFEL). The visit aims to align to Egmont's strategic goals, which include: 👉 Enhance the framework for effective information exchange between FIUs and strengthen #cooperation with international partner organisations. 👉 Develop and promote knowledge on new or emerging AML/CFT methods and trends, good practices, and Egmont Group requirements. 👉 Enhance support to Group members and candidate FIUs During their visit, Sierra Leone FIA Director David Borbor and Deputy Director Kadijatu Juma-Sei discussed best practices with Ian McDonald, Associate Director of Government of Jersey Financial Crime Strategy team and Jonathan Groom MBA, Director FIU Jersey. The focus is interconnections in our joint efforts to tackle the global fight against financial crime, both from an #African and International Financial Centre (#IFC) perspective and to hear about the work undertaken on the recent Financial Action Task Force (FATF) #MONEYVAL assessment of the island. There was also a discussion on common financial crime risk areas, particularly the issue of high-level #corruption and the removal of the proceeds of corruption from #developingcountries. They will also attend a special meeting of the Jersey Financial Intelligence Network (#JFIN - Jersey's #PublicPrivatePartnership (#PPP)) to discuss best practices concerning risks related to emerging payment methods seen across #African countries and to understand cultural differences and typologies in the region regarding financial crime. During their visit, they will meet with other key figures from the island's competent authorities, including the Government’s Financial Crime Strategy team, Attorney General, Chief of Police, @Jersey Customs & Immigration Service and the Jersey Financial Services Commission. During the visit, Jonathan presented David and Kadijatu with a commemorative crystal plaque to mark the visit to the island and the continued collaboration and #partnership between our two agencies. Government of Jersey London Office, Law Officers' Department, Jersey, States of Jersey Police, Jersey Finance

🚨 #ScamAlert - We've been made aware of a #Bank #TelephoneScam affecting some Islanders. #Scammers are calling customers of some local Jersey #banks pretending to be from their bank and requesting an immediate transfer of large sums of money. The rationale scammers are giving is concerning. They claim, "A bank staff member is accessing the individual's bank account, preparing to transfer money." This new tactic implies that the potential victim cannot trust the bank's staff, which is false and intended to confuse. The individual is then pressured into transferring money out of their bank account and to the scammer. If they do not use mobile or online banking, they are pressured to go to their nearest branch to make the transfer. 👉Please be #alert! If you receive any calls of this sort, please do not act on them and instead contact your bank. #ScamAwareness #HangUpOnFradsters, States of Jersey Police, #JerseyFraudPreventionForum, Jersey Cyber Security Centre, Jersey Financial Services Commission

Jersey may be an #IFC with beautiful beaches, but we all have to do our part to maintain our clean beaches. So some of our #team of #Financial #Intelligencers volunteered an afternoon to part-take in a #beachclean. We were lucky with the weather and glorious sunshine, which helped us focus on the task, and we were amazed at the items we collected from a stretch of beach. #plasticparticules #pollution #cleanup #teamwork #pickupafteryourself #rubbish

Our Director, Jonathan Groom MBA, has been speaking at the KYC360 Annual Forum #event today about his year-long reflections on his time in #Jersey and leading the #FIU. These include: 👉 Having the right #technology #platforms are crucial as force multipliers and help to identify and support #analysis to combat #financialcrime from an AML/KYC viewpoint; 👉 #Collaboration and #Partnership are critical to FIU development, especially when it comes to building new processes and sources and thinking about the "#SoWhat" to Jersey as an #IFC. 👉 Change and #evolution are constant, which is true of both #threats and the FIU. However, any change requires support and understanding and should also benefit the industry and the #jurisdiction as a whole. There has already been a great deal of change over the last 12 months, and more is still to come—both in terms of technology, #legislation, and the FIU's relocation to new premises over the upcoming period. #Thankyou to Stephen Platt and the rest of the KYC360 team for their invitation and to the other speakers for their contributions to an interesting and thought-provoking event. #Regtech #Sanctions #Regulation #Training #ProductDevelopment #KYC #AML