Handbook on Countering Financial Crime and Terrorist Financing

12th November 2018

The Commission has today issued, in final draft form, the revised Handbook on Countering Financial Crime and Terrorist Financing.

This follows publication of The Criminal Justice (Proceeds of Crime) (Bailiwick of Guernsey) (Amendment) Ordinance, 2018 which, once approved by the States of Guernsey, will replace and update the provisions of the two sets of Criminal Justice (Proceeds of Crimes) Regulations for financial services business and prescribed business.

As the revised draft legislation is due to take effect on 31 March 2019, the Commission will be formally making the rules in the Handbook  during the first quarter of 2019 to allow for addressing any technical issues within the rules and guidance which could hinder or prevent compliance with the revised regulatory framework.

The revisions to the rules and guidance in the Handbook, together with the revised legislation, will bring the Bailiwick’s AML/CFT framework into line with international standards issued in 2012 by the Financial Action Task force  as well as addressing recommendations made by MONEYVAL following its mutual evaluation of Guernsey. They also take into account the feedback arising from the consultation issued jointly last year with the States Policy & Resources Committee.

A clean version of the Handbook is available here.  A tracked version is also available here and highlights substantive changes made from the consultation version.   The clean version is the definitive version of the Handbook.

The draft legislation is available through this link