The Jersey Financial Investigation Unit has just published the latest quarterly results of Suspicious Activity Reports (SARs), giving a detailed overview of the kinds of reports received from the industry.
More detailed SARs forms were introduced early last year and, as a result, much more in-depth analysis is possible, including:
- the sectors submitting a SAR
- reasons for declining business, and
- criminality activity feedback.
The information contained in SARs is vitally important as it allows the Jersey FIU to better understand suspected criminal activity, money laundering and terrorist financing typologies, emerging threats, risks, and trends.
SAR information will be used not only to structure the work of the Jersey FIU and ensure it is effective in the way it uses financial intelligence, but also feeds into wider work carried out by other local competent authorities tasked with financial crime strategy development and implementation.
The FIU reports are only as good as the data they receive, and that is why the exchange of information between the industry and FIU is so important. The more detailed reports will help inform industry of the kind of threats each sector faces in the fight against financial crime.
A series of events have enabled Jersey’s industry to hear from local and international experts on combatting financial crime. Topics have included the risks posed to non-profit organisations, proliferation financing, and the work that is underway to bring Jersey in line with FATF requirements.
If you would like to get more information on how we are combatting financial crime together, then you can access videos, slide decks and other information on the news and resources section of gov.je/financialcrime.