![]() One of those case files was suspicious enough to merit a full investigation, but no link with terrorism could be established. The meeting also heard that between 2018 and last year, the Jersey Financial Intelligence Unit opened 153 case files concerning the funding of terrorism, after the industry had submitted suspicious activity reports. The entity was set up by Panamanian law firm Mossack Fonseca and revealed in the ‘Panama Papers’. Ms Dolzikova shared a real example of a North Korean bank with strong links to the regime in Pyongyang which had been able to set up a structure in the British Virgin Islands. ‘A lot of times, it is perfectly reasonable, but you need to constantly ask why.’ ‘A key question to ask is: “Why is Jersey in the structure?”,’ she said. These include countries where terrorist acts have taken place over the past few years.ĭarya Dolzikova, a research fellow with the Royal United Services Institute, told the workshop that people with responsibility for financial crime prevention in Jersey, including employees who file ‘suspicious transaction reports’, needed to look out for ‘red flags’ which could include legal activities, such as opening restaurants, offering IT services or trading in luxury goods. Industry professionals in Jersey were briefed about the dangers of this kind of activity at a seminar organised by the government and regulator this week.Īlthough it is considered unlikely that Jersey would ever have a direct role in the manufacturer or procurement of WMDs, its finance industry sends money to more than 200 jurisdictions every year. Practitioners who are already looking out for evidence of money laundering or terrorist funding must also be aware of ‘proliferation financing’ – the act of providing funds or financial services that are used to make, acquire, transport, sell or stockpile nuclear, chemical or biological weapons. THE finance industry has been warned to look out for rogue states such as North Korea and Iran using Jersey to fund the development of weapons of mass destruction. ![]()
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