To its supporters cryptocurrency (or virtual assets, aka VAs) is a brave new world, a digital asset that exists across computer networks, outside the control of governments and central authorities, bringing cheaper and faster money transfers for those otherwise excluded from the financial system. To its detractors it is a bubble waiting to burst, or … Read more Risky (virtual asset) business?
While the NPO sector presents medium to low risk of being abused or misused for terrorist financing, the law has been updated with the aim of protecting them from the risk.
Sanctions imposed by the UK and Jersey against entities and individuals in Russia and Belarus apply to cryptoassets (see the OFSI, FCA and Bank of England Joint statement ). Which leads to the question: When is an asset a cryptoasset? The simple answer – which may not help a great deal – is that there … Read more Russian sanctions: can you sanction Crypto?
The economic measures imposed on Russia following the invasion of Ukraine last month are already the largest package of sanctions ever imposed against a G20 nation, and there are more to come. Before the invasion, more than 250 Russian individuals and entities were designated for an asset freeze. In the week afterwards, a little over … Read more Russian sanctions: the impact so far
How do you catch criminals? More exactly, how do you catch people using the financial system to shift, grow and conceal criminal assets? First, you have to know what they’re doing. A proposal lodged this week will, if approved by the States of Jersey (the Island’s Parliament), boost our ability to track those trying to … Read more Increase Your (Financial) Intelligence
Most of our finance systems were designed in an era when people paid for things with cash or by cheque. Over the last ten years, paying the government by debit or credit card has gone from being the exception to the norm. We now receive about 250,000 card payments a year, either over the counter, … Read more Paving the way for new ways to pay
A key policy objective of the Government of Jersey is to ensure that the Island’s interests are represented at an international level. By developing our relationships with UK, European and international bodies we reinforce the message that Jersey is a cooperative partner, a good neighbour and, as an international finance centre, a well-regulated jurisdiction complying … Read more Stable, transparent and well-regulated: maintaining Jersey’s international reputation
In my last blog post, I looked at why we need a long-term vision for Jersey – an addition to the four year plans set by each Council of Ministers and which would be the guiding document by which all other policies across government would be guided and informed. How though do we begin the process … Read more How do we shape a long-term vision for Jersey
In March this year Jersey’s government launched a consultation on a long-term vision for Jersey. The idea was to begin to raise awareness and encourage debate about some of the bigger issues Jersey faces over the longer term and to capture people’s views before the final vision was developed. It’s a woolly term ‘vision’ and … Read more Does Jersey need a long-term plan?
Since my last Ministerial update in September I’m pleased to report significant progress in all the areas of my political responsibilities. There has been continued growth in jobs and financial services, good progress on a digital strategy, we have welcomed the new Chief Executive Tony Moretta to Digital Jersey and published an Action Plan to … Read more Competition and innovation