14 December 2009 - Financial Services Businesses are advised that the Commission has made a number of changes to the Handbook on Countering Financial Crime and Terrrorist Financing. The changes came into force on 31 December 2009. 

 

24 December 2009 - The Commission issued a simplified overview of its AML/CFT framework.

 

22 February 2010 - The Policy Council signed the following amendment regulations:

 

The Criminal Justice (Proceeds of Crime) (Finanical Services Businesses) (Bailiwick of Guernsey) (Amendment) Regulations, 2010;

The Criminal Justice (Proceeds of Crime) (Bailiwick of Guernsey) Law, 1999 (Amendment of Schedules 1 and 2) Regulations, 2010;

The Criminal Justice (Proceeds of Crime) (Legal Professionals, Accountants and Estate Agents) (Bailiwick of Guernsey) (Amendment) Regulations, 2010;

and the Registration of Non-Regulated Finanical Services Businesses (Bailiwick of Guernsey) Law, 2008 (Schedule 1 Amendment) Regulations, 2010.

 

21 June 2010 - The Policy Council signed the Criminal Justice (Proceeds of Crime) (Financial Services Businesses) (Bailiwick of Guernsey) (Amendment) (No.2) Regulations, 2010.  Regulation 2(b) comes into force on 30 July 2010, the other regulations came into force on 21 June 2010.

 

The Regulations, Handbook and Business from Sensitive Sources Notices which apply to all financial services businesses (both regulated and non-regulated) are available using the following links:

 

The Handbook linked below is coloured in red to identify the areas of change since December 2009.  

 

Handbook - with changes identified - as at June 2010

 

Business from Sensitive Sources Notices & Instructions 

 

 

The Criminal Justice (Proceeds of Crime) (Financial Services Business) (Bailiwick of Guernsey) (Amendment) Regulations, 2008 require regulated financial services businesses carrying on money services activity, money or value facilitation or transmission through an informal money or value transfer system or network, money broking or money changing to register with the Commission.  The application form is available here. 

 

Non-Regulated Financial Services Businesses 

 

30 July 2008 - The Registration of Non-Regulated Financial Services Businesses (Bailiwick of Guernsey) Law, 2008 and the Registration of Non-Regulated Financial Services Businesses (Bailiwick of Guernsey) Law, 2008 (Amendment) Ordinance, 2008 came into force.

 

1 December 2008 - The Registration of Non-Regulated Financial Services Businesses (Bailiwick of Guernsey) Law, 2008 (Schedule 1 Amendment) Regulations, 2008 came into force.

 

 

The Non-Regulated Financial Services Businesses section of this website can be accessed here. 

 

 

8 September 2008 - The Criminal Justice (Proceeds of Crime) (Legal Professionals, Accountants and Estate Agents) (Bailiwick of Guernsey) Regulations, 2008 were signed by the Policy Council and the Handbook for Legal Professionals, Accountants and Estate Agents on Countering Financial Crime and Terrorist Financing (containing rules and guidance) was issued by the Commission. 

 

1 December 2008 - The Criminal Justice (Proceeds of Crime) (Legal Professionals, Accountants and Estate Agents) (Bailiwick of Guernsey) (Amendment) Regulations, 2008 came into force. 

 

 

The Regulations and Handbook for legal professionals, accountants and estate agents are available on the Legislation and Guidance page of the Prescribed Businesses section of this website and can be accessed here.   

 

 

On the 1st December 2008 the Criminal Justice (Proceeds of Crime) (Restriction on Cash Transactions) (Bailiwick of Guernsey) Regulations, 2008 came into force. A copy of the media announcement is available here. The regulations restrict the sale or purchase of precious metals, precious stones or jewellery where the payment is made in cash and exceeds £10,000. A person who contravenes the restriction commits an offence and is liable, for a first offence, to a fine not exceeding £1,000 and, for a second or subsequent offence, to a fine not exceeding twice the value of the cash involved.

The regulations do not detract from the requirements of the Disclosure (Bailiwick of Guernsey) Law, 2007 and the Terrorism and Crime (Bailiwick of Guernsey) Law, 2002 to report suspicion of money laundering and the financing of terrorism to the Financial Intelligence Service. These requirements to report suspicion of money laundering and the financing of terrorism extend to transactions and attempted transactions of any value. 

 

This legislation contains offences if dealers and individuals employed by dealers do not make a disclosure to the Financial Intelligence Service (FIS) where they have knowledge or suspicion of money laundering or terrorist financing or if they have reasonable grounds for knowing or suspecting money laundering or terrorist financing. Copies of the documents which must be used when making a disclosure of suspicion to the FIS can be found on its website at www.guernseyfis.org. Dealers and their staff are legally protected from breaking any obligation of confidentiality when making disclosures to the FIS. The legislation also includes tipping off offences whereby it is an offence to disclose information or any other matter which is likely to prejudice an investigation by law enforcement.
 

A description of money laundering and terrorist financing with an example or two to show you how money laundering can happen in practice is available here.

 

 

The Charities and Non Profit Organisations (Registration) (Guernsey) Law, 2008 (“NPO Law”) has been in place since 3 November 2008 and is available using this link.

The NPO Law provides for a register of non profit organisations to be established and maintained. A non profit organisation which is not a charity is considered to be a Guernsey Registered Non Profit Organisation whilst it is on the register. A non profit organisation which is a charity is considered to be a Guernsey Registered Charity whilst it is on the register.

A non profit organisation based in the island of Guernsey, Herm or Jethou with gross assets and funds of, or over, £10,000 or gross annual income of, or over, £5,000 and which is not a manumitted organisation, which is not registered is guilty of an offence. Each registered organisation must apply to renew its registration at the commencement of each calendar year.

An application for registration must contain –

(a) the full names of the persons who own, direct or control the activities of the organisation including (without limitation) its directors, officers and trustees and, for each of those persons –

i) in the case of an individual, his current home and business addresses, or
ii) in the case of an organisation, its registered office or anything similar under the legislation of the country of incorporation or establishment or (if it has no such office) its principal place of business,

(b) a contact address within the Bailiwick at which all communications may be served,
(c) details of the purposes, objectives and objects of the organisation, and
(d) details of the manner in which the assets, funds and income of the organisation are applied or used.

Manumitted organisations are those which are administered, controlled or operated by a person -

(a) who holds or is deemed to hold a licence granted by the Guernsey Financial Services Commission under the regulatory Laws, and
(b) who administers, controls or operates the organisation in the course of his regulated activities.

Registered and manumitted organisations must –

(a) make, keep and retain records of all financial transactions (with whosoever made) in order to evidence the application or use of the organisation's assets, funds and income,
(b) in the case of a registered organisation, file annual financial statements with the Registrar, in such form as may be specified by him; and
(c) in the case of a registered organisation, inform the Registrar as soon as is reasonably practicable of any change to any of the matters required to be stated in the application for registration.

The Charities and Non Profit Organisations (Registration) (Guernsey) (Amendment) Law, 2009 came into force on 15 April 2010 and introduces the Office of Registrar of Non Profit Organisations in order to clarify that the role of registrar in relation to NPOs is separate from that of Director of Income Tax. A copy of the law is available using this link.

The Charities and Non Profit Organisations (Enabling Provisions) (Guernsey and Alderney) Law, 2009 came into force on 15 April 2010 and provides for the States of Guernsey, by Ordinance, to make provision for the regulation of charities and non profit organisations. A copy of the law is available using this link.

The Charities and Non Profit Organisations (Investigatory Powers) (Bailiwick of Guernsey) Law, 2008 which came into force on 15 April 2010 complements the existing powers in the AML/CFT regime and confers a wide range of investigatory powers on the Attorney General that are not limited to terrorism and supplements the powers currently available to the law enforcement agencies. A copy of the law is available using this link.

The Charities and Non Profit Organisations (Registration) (Sark) Law, 2010 will come into force on the date of its registration in Sark. This law establishes a registration regime for charities and NPOs and lays down the procedures for and the consequences of registration.

The Charities and Non Profit Organisations (Registration) (Guernsey and Alderney) Law, 2010 was approved by the States of Guernsey at their meeting on 28 April. The law will shortly go before the States of Alderney for approval and, subject to that approval being received, will then be provided to the Privy Council for approval.

 

 

The Registration of  Non-Regulated Financial Services Businesses (Bailiwick of Guernsey) Law, 2008 as amended   

 

Please also see: