Jersey Financial Services Commission

Transcription

1 Jersey Financial Services Commission Suspicious Transaction Reporting JOINT FINANCIAL CRIMES UNIT

2 INTRODUCTION JFCU roles/responsibilities STR stats and trends STR pro-forma Common mistakes JFCU response to STRs Consent the legal position Management of client issues

3 INTRODUCTION Tipping Off issues Cash Handling Tax fraud Service of orders UK POCA provisions Likely impact here

4 Jeffrey Robinson The Laundryman After Foreign Exchange and the oil industry, the laundering of dirty money is the world s third largest business Companion only to Brutality Deceit Terrorism Murder Drug trafficking BANK PROFITS...

5 JFCU Roles and Responsibilities States of Jersey Police 6 policing promises Maintain and enhance the Island s reputation as a financial centre of integrity

6 JFCU Functions STR/SAR receipt Research Dissemination Intelligence checks Overseas requests Database maintenance Financial analysis Investigations Evidence gathering Serious fraud Money Laundering Terrorist financing UN/EU Sanctions Asset tracing Restraints/Forfeiture

7 National Criminal Intelligence Service (NCIS) - UK - STRs STRs

8 STR/SAR ANALYSIS Reporting rate has gone up 25 pcm pre pcm pcm projection STR

9 Crown Dependency STR comparison Jersey Guernsey Isle of Man

10 Jurisdiction in which STR subject resides (%) Local UK EU Other Isle of Man Guernsey Jersey Average

11 Residency of subject? No serious/organised organised crime in Jersey Generating high value transactions Crime has happened elsewhere Criminal resides elsewhere Suspicious assets transiting through Jersey or being parked here

12 Disclosure Type : Date: Proceeds of Crime Drug Trafficking Terrorism To: Joint Financial Crimes Unit. Fax: JFCU Reference number:- From : - Disclosing Institution LEGAL Name of institution : Address : Sort code : Contact name : Direct Telephone No: Fax: Reference number : Subject(s) of disclosure Full name : Date & place of birth : Full address : Telephone No : (Work) (Home) (Mobile) (Fax) Occupation : Identification details : (passport etc.) Company name : Full address : Telephone No : Beneficial owner(s) :

13 Other associated persons or companies, full details (please add sheet if necessary):- Details of introducer/intermediary:- Account number : Date opened : Assets held: REASONS FOR SUSPICION Please describe any activity that prompted the report, giving reason for your suspicion and any steps that have already been taken. Please add continuation sheets as necessary. When submitting this report, please append any additional material that you may consider suitable and which may be of assistance to the JFCU, i.e. bank statements, correspondence, vouchers, transfers, account opening and identification documents, etc.

14 Word document Available as blank pro forma by from or or

15 Common mistakes Legal name of entity Service of Production Orders Asset value Details of suspicions Supporting documentation General lack of detail and information

16 JFCU response Tailored - case by case assessment 3 generic responses 1. Note declined business or terminated relationship - no retrospective comfort! Consent to maintain relationship + 2. No consent to future transactions or 3. Future transactions at your own risk

17 JFCU response letter: However, this consent does not release you from your obligation in respect of all future transactions on the account or arising from the relationship to comply with the relevant anti-money laundering legislation and to have due regard to the JFSC Guidance Notes on the subject.

18 Rationale/explanation We will not have the knowledge of the client you do We will not give our blessing to continued suspicious transactions!! We may have knowledge or intelligence to support the notion that the subject is engaged in criminality, or that there are tainted proceeds involved