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Category: Financial  Local Business News

JFSC Assesses Risk of Local Non-Profits Being Used for Financial Crime

Sep 20, 2021

Local non-profit organisations are being asked to provide the Jersey Financial Services Commission (JFSC) with current information about their activities as part of a drive to prevent the Island being used for financial crime. 

The Island is seeking to build a better understanding of Jersey’s non-profit sector and the potential risk of these organisations being used for financial crime. This work follows the Government of Jersey’s National Risk Assessment (NRA) of terrorist financing which was published in April and highlighted the need to assess this sector in more detail. 

The JFSC has contacted all non-profit organisations requiring them to provide details of their purpose, objectives and activities. 

Jill Britton, Interim Director General, commented: “Local non-profit organisations do not need to be concerned by this exercise. Our current understanding is that the majority of these organisations’ activities and funds are based in the Island and present little to no risk of being used for financial crime. We anticipate that the information we collect will substantiate this view and we can continue to demonstrate that Jersey’s non-profit sector is not a conduit for criminal activity.” 

The data will help determine the JFSC’s approach to supervising non-profit organisations, particularly those that are considered more vulnerable. 

Non-profit organisations and any trust company businesses that administer non-profits need to submit this information to the JFSC by 5 October 2021. Those that do not provide their data may be considered higher risk and consequently monitored more closely by the regulator. 

To support the local non-profit sector fulfilling this requirement, the JFSC is hosting online and in-person drop-in sessions this week: 

  • Online drop-in - 22 September at 13:00-14:00 
  • In-person appointments: 23 September at 11:00-17:00 

Registered non-profit organisations are reminded that they need to keep their registration information up-to-date with the JFSC.

JFSC Press Release. 

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