The Jersey Financial Services Commission has updated its anti-money-laundering 'handbook' to take stock of the Money Laundering (Amendment No 11) (Jersey) Order 2019 which came into force on 12 February.

Amendment No 11 makes miscellaneous improvements to the drafting and layout of provisions in the Money Laundering (Jersey) Order 2008, replacing Articles 16 and 16A.

The idea behind the changes is to make the existing law clearer and help financial firms interpret the requirements of the MLO, but without changing their effect. There is no intention to change firms' obligations or practices.

Amendment No 11 also corrects some cross-references and removes the Suspicious Activity Report (SAR) Form from the schedule to the MLO. The SAR Form will instead be in a format "approved by the Minister." Firms still have to use the form available on the Joint Financial Crimes Unit portal.

The regulator has already published an updated version of Appendix D2 of the AML rulebook this year. In Jersey, money-laundering reporting officers are called money-laundering compliance officers. They must be based in Jersey.

Updates to the AML rulebooks for law firms, accountancy firms, real estate agents and dealers in highly valuable goods will follow shortly.