Jersey's finance industry terrorism risk medium to low

A risk assessment report has found that the risk of Jersey's finance industry and non-profit organisations (NPOs) being used to fund terrorism has been classed as medium to low.

Produced in response to requirements by the Financial Action Task Force, which sets the international standards on financial crime, the report recommends the island to develop a more robust skills base across the public and private sectors to 'identify, investigate and supervise compliance with terrorist financing requirements.'

Identifying a number of areas where additional action is needed, the report says that, on the whole, Jersey’s mitigation systems and controls are adequate.

However, it did also say that there is currently a lack of detail around registered non-profit organisations, with no assessment having been completed to identify which of the 1,100 registered NPOs might be at higher risk of being used for terrorist financing.

Senator Ian Gorst, Jersey's External Relations Minister, said: “Over the next 18 months, work will be done to determine if the medium-low rating could be lower, and Jersey's finance industry is likely to be asked to provide additional data to that end. By its nature, however, terrorist financing is constantly evolving, and we must continue to be on our guard and prepared to take action to assess and mitigate against those risks.”

The report was produced by the National Risk Assessment (NRA) Working Group, which included officers from the Government of Jersey, Jersey Financial Services Commission, Law Officers’ Department, States of Jersey Police, Jersey Overseas Aid, Jersey Customs & Immigration Service, and the Office of the Jersey Charity Commissioner.