This week one of my favourite teaching locations failed to live up to its reputation as the sunniest place in the British Isles and, instantly regretting my choice of footwear, I exited my hotel to pouring rain and puddles!
The apocalyptic weather conditions (Drama queen? Me?), however, failed to dampen my enthusiasm as I put my head down and headed towards the Jersey International Business School where a hot coffee, some choccie biccies and, of course, my International Diploma in FCP students awaited me.
The subject matter for the workshop included cybercrime and the day got off to a great start with a fantastic discussion on current cybercrime hot topics – specifically around the cyberattack against HBO and the wider implications of cyberattacks, and whether this most recent one would have an adverse effect on our enjoyment of watching Game of Thrones.
With my small, but highly motivated, class the rest of the day was spent using exercises and case studies to discuss the financing of terrorism, the identification and reporting of suspicious active and the importance of corporate governance to meet a firm’s financial crime prevention obligations – indeed so animated was the discussion that one member of class (a very good sport and to protect his identity I shall refer to him by the name of the case study alter-ego: Peregrine Cholmondley-Warner) found himself effectively ‘convicted’ for failing to disclose suspicious activity and narrowly avoided being ‘convicted’ of a substantive laundering offence.
A small island (nine miles long by five miles wide), Jersey is no stranger to various types of criminality, as identified by Jim Bergerac between 1986 and 1991, but its main claim to fame it that it was long considered a high-risk jurisdiction due to its status as a tax haven after gaps in revenue codes were exploited by ingenious legal minds in the 1950s. This led to heavy deposits from wealthy individuals from all over the world once they realised that pretty much any tax could be avoided in Jersey. The banking business thrived, creating one of the most popular offshore destinations for US dollars, Roubles and Yen, amongst other global currencies.
From a regulatory perspective, Jersey has been assessed by various supranational bodies (such as the IMF) and today is considered to be extremely well regulated, with financial sector regulation and supervision of a very high standard and compliant with international standards. Jersey is also included on the OECD ‘whitelist’ and is considered to be in the ‘top division’ of finance centres.
It’s also the home of the famous Jersey Pearls and some lovely little boutique shops I am already looking forward to on my next trip – and of course, to seeing my students one last time before their exam.
How can ICT help?
ICA qualifications are a globally recognised benchmark of competence & excellence in the fields of anti money laundering (aml), compliance and financial crime prevention. There are courses to suit all levels of knowledge and experience.
View the full list of qualifications here >