By notice issued in La Gazette Officielle on 16 July 2003, the Guernsey Financial Services Commission advised that proposed amendments to the Criminal Justice (Proceeds of Crime) (Bailiwick of Guernsey) Regulations and the Guidance Notes on the Prevention of Money Laundering and Countering the Financing of Terrorism had been placed for consultation in the "Prevention of Economic Crime" section of its website. Hard copies of the proposed amendments are also available from the Commission on request.
The vast majority of the changes will enable the Bailiwick to comply with various standards set by the International Monetary Fund and the Financial Action Task Force following the recent assessment by the IMF. In addition, a proposed change has been made to the Regulations to make the electronic holding of records easier for financial institutions. Other changes deal with the provision of hold mail services and issues raised by the Law Officers' Chambers and the Financial Intelligence Service.
A paper outlining the principal proposed changes to the Regulations and Guidance Notes is available here.
Comments on the proposals should be made in writing by the close of business on Wednesday, 13 August 2003 to Policy and International Affairs Division, Guernsey Financial Services Commission, La Plaiderie Chambers, La Plaiderie, St Peter Port, GY1 1WG or by email to the Policy and International Affairs Division at [email protected].
The proposed changes were set in train prior to the issue of the revised 40 Recommendations by the Financial Action Task Force on 20 June. The Commission is considering the new Recommendations and, once the standards have been clarified by the international community, the Commission will work closely with the finance sector to revise the Regulations and Guidance Notes.