Sanctions and Asset-Freezing (Amendment of Law and Order) (Jersey) Order 2023


Jersey coat of arms

Sanctions and Asset-Freezing (Amendment of Law and Order) (Jersey) Order 2023

Made                                                                                                   23rd March 2023

Coming into force                                                                           30th March 2023

THE MINISTER FOR EXTERNAL RELATIONS AND FINANCIAL SERVICES makes this Order under Articles 2(8) and 3 of the Sanctions and Asset-Freezing (Jersey) Law 2019 –

Part 1

Sanctions and Asset-Freezing (Jersey) Law 2019 amended

1        Article 2 (meaning of “financial services”, “funds”, “economic resources” and related expressions) of the Sanctions and Asset-Freezing (Jersey) Law 2019 amended

In Article 2 of the Sanctions and Asset-Freezing (Jersey) Law 2019 –

(a)     in paragraph (1)(c)(i), after “Financial Services (Jersey) Law 1998,” there is inserted “or by way of a virtual currency exchange business,”;

(b)     after paragraph (2) there is inserted –

“(2A) In paragraph (1)(c)(i), “virtual currency exchange business” means the business of conducting one or more of the activities or operations to, for or on behalf of another natural or legal person or arrangement set out in paragraph 24(2)(a), (b) and (c) of Schedule 2 to the Proceeds of Crime (Jersey) Law 1999.”;

(c)     after paragraph (3)(a) there is inserted –

“(aa)  virtual assets, as defined in paragraph 1 of Schedule 2 to the Proceeds of Crime (Jersey) Law 1999;”;

(d)     in paragraph (4) for “, whether tangible or intangible, and movable or immovable,” there is substituted “(whether tangible or intangible, movable or immovable, actual or potential)”.

Part 2

sanctions and asset-freezing (implementation of external sanctions) (jersey) order 2021 amended

2        Interpretation of this Part

This Part amends the Sanctions and Asset-Freezing (Implementation of External Sanctions) (Jersey) Order 2021.

3        Article 5 (licences in relation to implemented provisions other than asset-freezes) amended

In Article 5 –

(a)     for paragraphs (1) and (2) there is substituted –

“(1)    The Minister may grant a general licence for any act, or description of acts, that would otherwise constitute an offence under Article 4.

(1A)   The Minister may grant a licence to a category of persons or to a particular person for any act, or description of acts, that would otherwise constitute an offence under Article 4 –

(a)     if the Minister is satisfied that a licence could be granted under the relevant UK sanctions instrument for an equivalent act, or class of act, in the UK; or

(b)     if –

(i)      an equivalent act, or class of act, is the subject of an exception provision in the relevant UK sanctions instrument, and

(ii)      the Minister is satisfied that that exception provision does not have effect under Article 2.

(2)     Articles 16(3), (3A), (4), (5) and 33(4) of the Law apply in relation to a licence under this Article as they apply in relation to a licence under Article 16 of the Law, but Article 16(3A)(a) applies with the modification that the Minister must also seek to ensure that the grant of a licence will not lead to the purpose of the relevant UK sanctions provision being frustrated.

(2A)   A provision of the relevant UK sanctions instrument that relates to licences does not have effect under Article 2 of this Order to the extent that a licence may be granted under this Article.”;

(b)     in paragraph (3) –

(i)      in sub-paragraph (a) after “whether or not to grant a licence” there is inserted “under paragraph (1) or (1A)(a)”,

(ii)      in sub-paragraph (b) after “a particular person or category of persons” there is inserted “under paragraph (1) or (1A)(a)”;

(c)     after paragraph (5) there is inserted –

“(6)    In this Article –

relevant UK sanctions instrument” means a UK sanctions instrument containing a relevant UK sanctions provision;

relevant UK sanctions provision” means a provision the contravention of which would constitute an offence under Article 4.”.

4        Schedule 2 (general provisions) amended

In paragraph 1 of Schedule 2, after sub-paragraph (6)(b) there is inserted –

Part 3

final provisions

5        Citation and commencement

This Order may be cited as the Sanctions and Asset-Freezing (Amendment of Law and Order) (Jersey) Order 2023 and comes into force 7 days after it is made.

Deputy I.J. Gorst of St. Mary, St. Ouen and St. Peter

for and on behalf of

Minister for External Relations and Financial Services

 


Page Last Updated: 23 Mar 2023