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Sanctions and Asset-Freezing (Amendment of Law – Reporting Obligations) (Jersey) Regulations 2019

Made                                                                                           10th September 2019

Coming into force                                                                   24th September 2019

THE STATES make these Regulations under Article 39 of the Sanctions and Asset-Freezing (Jersey) Law 2019[1] –

1        Article 32 (reporting obligations of relevant financial institutions) of Sanctions and Asset-Freezing (Jersey) Law 2019 amended

(1)     In the heading to Article 32 of the Sanctions and Asset-Freezing (Jersey) Law 2019[2], after “institutions” there is inserted “and statutory authorities”.

(2)     After Article 32(3) of the Sanctions and Asset-Freezing (Jersey) Law 2019, there is inserted –

“(4)    A relevant statutory authority must give information, held by that authority, to the Minister as soon as practicable if –

(a)     the information came to the relevant statutory authority in the course of carrying out a function conferred on it under an enactment; and

(b)     the relevant statutory authority believes that giving the information would facilitate –

(i)      the performance of a function of the Minister under this Law, or

(ii)      the investigation or prosecution of an offence under this Law.

(5)     For the purpose of paragraph (4) a relevant statutory authority is –

(a)     the Jersey Financial Services Commission, established by the Financial Services Commission (Jersey) Law 1998[3]; and

(b)     any other person specified in an Order under paragraph (6).

(6)     The Minister may by Order specify a person if –

(a)     the person is established by an enactment; and

(b)     the Minister is satisfied, after consulting that person, that the person has a function that is likely to result in the person holding information that could facilitate –

(i)      the performance of a function of the Minister under this Law, or

(ii)      the investigation or prosecution of an offence under this Law.”.

2        Citation and commencement

These Regulations may be cited as the Sanctions and Asset-Freezing (Amendment of Law – Reporting Obligations) (Jersey) Regulations 2019 and come into force 14 days after they are made.

dr. m. egan

Greffier of the States

 




[1]                                     L.2/2019

[2]                                     L.2/2019

[3]                                     chapter 13.250


Page Last Updated: 11 Sep 2019