From today all firms (including sole practitioners) providing accountancy, insolvency, auditing and tax advice services by way of business in the Bailiwick are required to register with the Commission for anti-money laundering and counter terrorist financing purposes unless they meet all four of the exemptions provided for in regulation 16 of the Criminal Justice (Proceeds of Crime) (Legal Professionals, Accountants and Estate Agents) (Bailiwick of Guernsey) Regulations, 2008 ("the Regulations"). 

A business in the Bailiwick which does not meet the exemption provisions and which undertakes any of the services listed above by way of business, whilst not being registered with the Commission, is in breach of the legislation and is subject to criminal penalties. 

Newly registered businesses have until 30 October to comply with the full anti-money laundering and counter terrorist financing requirements of the Regulations - which go beyond registration - and the rules in the Handbook for Legal Professionals, Accountants and Estate Agents on Countering Financial Crime and Terrorist Financing.