Financial Crime

The Commission has today issued an updated Handbook on Countering Financial Crime (AML/CFT/CPF) (the “Handbook”). Chapter 1 of the Handbook has been updated to include guidance to licensed firms relating to offences detailed with section 48MA of the Criminal Justice (Proceeds of Crime) (Bailiwick of Guernsey) Law, 1999 and section 74A of the Terrorism and Crime (Bailiwick of Guernsey) Law, 2002...

The Policy & Resources Committee has enhanced the sanctions-related information on the States of Guernsey website with the addition of guidance on challenging designations and obtaining assistance with the unfreezing of funds. Standard forms are also now available on the website in relation to the making of reports, challenging designations and making designation proposals. Businesses should take...

The States of Guernsey has published a report concerning the Bailiwick of Guernsey's money laundering, terrorist financing and financing of proliferation of weapons of mass destruction risks from legal persons and legal arrangements . The report follows, and supplements, the Bailiwick of Guernsey’s second National Risk Assessment , also known as NRA2, which was published in December 2023. When...

The Commission has today issued its report on the Thematic Review of Governance, Risk and Compliance Controls to Counter Financial Crime – Estate Agency, Legal and Accountancy Services. Towards the end of 2023 the Commission’s Financial Crime Division undertook a thematic review of the financial crime controls implemented within businesses registered with the Commission as prescribed businesses...

On Tuesday 9 April from 10am to 1pm at Beau Sejour, representatives from the States of Guernsey and the Guernsey Financial Services Commission will present on the Bailiwick’s assessment of the risk of Guernsey administered legal persons and legal arrangements being abused for financial crime. The National Risk Assessment on Legal Persons and Legal Arrangements will form part of the Bailiwick of...

The Commission has today issued an amendment to the country list in Appendix I of the Handbook on Countering Financial Crime (AML/CFT/CPF) (the “Handbook”) reflecting the Financial Action Task Force’s updated list of jurisdictions under increased monitoring, which added Namibia, therefore Namibia has been added to Appendix I. The clean and tracked version of the Handbook (including Appendix I) can...

The Commission has today issued amendments to the country list in Appendix I of the Handbook on Countering Financial Crime (AML/CFT/CPF) (the “Handbook”) reflecting the Financial Action Task Force’s updated list of jurisdictions under increased monitoring, which removed Gibraltar and the United Arab Emirates, therefore these countries have been removed from Appendix I. Some of the other sources...

The Financial Services Business (Enforcement Powers) (Bailiwick of Guernsey) Law, 2020 (“the Enforcement Powers Law”) The Regulation of Fiduciaries, Administration Businesses and Company Directors, etc. (Bailiwick of Guernsey) Law, 2020 (“the Fiduciaries Law”) [1] The Criminal Justice (Proceeds of Crime) (Financial Services Businesses) (Bailiwick of Guernsey) Regulations, 2007 (“the Regulations”)...