Legislation and Handbook - amendments to the Bailiwick's Framework for Countering Money Laundering and Terrorist Financing
15th December 2007The Criminal Justice (Proceeds of Crime) (Financial Services Businesses) (Bailiwick of Guernsey) Regulations, 2007 have now been signed by the Policy Council and, as anticipated, come into force on 15 December. The Commission is also now formally issuing the Handbook for Financial Services Businesses on Countering Financial Crime and Terrorist Financing (containing rules and guidance) dated 15 December 2007. The final version of the Handbook containing the Regulations is available below:
Handbook for Financial Services Businesses on Countering Financial Crime and Terrorist Financing - December 2007
Since the proposed Regulations and Handbook were issued on 18 September, the Commission has held a number of seminars for industry in Guernsey, Alderney and Sark at which representatives of the Commission and other AML/CFT authorities in the Bailiwick made presentations and answered questions on the revised AML/CFT framework contained in the new legislation, rules and guidance referred to above.
As a result of comments made during the transitional period since 18 September, including comments made at the seminars, one clarification to the Regulations and a few small clarifying amendments to the Handbook have been made. In addition to the final versions of the Regulations and the Handbook, the Commission has therefore placed on the website another version of each of these documents, which include coloured text to show the changes made to the documents published on 18 September.
The Commission is also issuing Business from Sensitive Sources Notice (Number 5), a copy of which is available using this link.
Please note that, from 15 December, the following documents will no longer have effect:
The Criminal Justice (Proceeds of Crime) (Bailiwick of Guernsey) Regulations, 2002
The Guidance Notes on the Prevention of Money Laundering and Countering the Financing of Terrorism
Position Paper: Overriding Principles for a Revised Know Your Customer Framework – issued 22/02/03
Introduced Business Statement – issued 18/12/03
Anti-Money Laundering Standards for Existing customers – Statement- issued 30/06/04
Introduced Business Statement No. 2 – issued 27/04/05
Business from Sensitive Sources Notice (Number 1) – issued 18/11/99
Business from Sensitive Sources Notice (Number 2) – issued 27/07/00
Business from Sensitive Sources Notice (Number 3) – issued 04/10/01
Business from Sensitive Sources Notice (Number 4) – issued 22/08/02
Please feel free to liaise with your usual contact in the regulatory Divisions or Sylvia Sirett of the Policy and International Affairs Division should you have any queries.