AML/CFT Framework & Business from Sensitive Sources Notice
1st April 2019AML/CFT Framework
The Financial Crime Division would like to remind firms that the Criminal Justice (Proceeds of Crime) (Bailiwick of Guernsey) (Amendment) Ordinance, 2018 came into effect on 31 March 2019. Consequently, Schedules 3, 4 and 5 to the Criminal Justice (Proceeds of Crime) (Bailiwick of Guernsey) Law, 1999 as amended (“the Law”) have replaced the Criminal Justice (Proceeds of Crime) (Financial Services Businesses) (Bailiwick of Guernsey) Regulations, 2007 as amended and the Criminal Justice (Proceeds of Crime) (Legal Professionals, Accountants and Estate Agents) (Bailiwick of Guernsey) Regulations, 2008 as amended previously in force.
In light of the above, the Financial Crime section of the Commission’s website has been updated to reflect the changes in legislation. A new page has now been published which contains links to the revised Handbook for Specified Businesses, as well as copies of the last published versions of the 2007 Handbook for Financial Services Businesses and the 2008 Handbook for Prescribed Businesses. These 2007/8 Handbooks are no longer in force but have been provided for reference in light of the transitional provisions in the revised framework.
Handbook on Countering Financial Crime and Terrorist Financing
Business from Sensitive Sources Notice
In addition to the above, the Commission is today issuing Instruction Number 01/2019 for Specified Businesses, replacing and repealing Instruction No. 03/2018 for Financial Services Businesses and Prescribed Businesses issued on 7 December 2018.
Changes to Instruction No. 01/2019 include the addition of Cambodia. Further details in respect of the inclusion of Cambodia can be found within Part B of the Instruction.
A copy of Instruction No. 01/2019 can be accessed on the Financial Crime section of the Commission’s website and via the below links: