Financial Crime

​Business from Sensitive Sources Notice 9 for financial services businesses and Notice 4 for prescribed businesses

​Business from Sensitive Sources Notice 8 for financial services businesses and Notice 3 for prescribed businesses

​Business from Sensitive Sources Notice 7 for financial services businesses and Notice 2 for prescribed businesses

The Commission has written to the managing partners of firms of lawyers and accountants and the managing directors of estate agents today, seeking comments on the tracked changes to the Criminal Justice (Proceeds of Crime) (Legal Professionals, Accountants and Estate Agents) (Bailiwick of Guernsey) Regulations, 2008 and the Handbook for Legal Professionals, Accountants and Estate Agents on…

Following discussions between the IMF and the Commission at the end of last year, it has been agreed that the IMF will undertake its assessment of the Bailiwick of Guernsey late in 2009.  The IMF will make its decision on the dates of the assessment during the next few months when it considers its schedule for its next financial year – this will commence on 1 May 2009.  In postponing the…

On 24 November the States of Guernsey Policy Council signed the following amendment regulations which come into force on 1 December 2008:   The Criminal Justice (Proceeds of Crime) (Bailiwick of Guernsey) Law, 1999 (Amendment of Schedules 1 and 2) Regulations, 2008  The Registration of Non-Regulated Financial Services Business (Bailiwick of Guernsey) Law, 2008 (Schedule 1 Amendment)…

The Commission has issued Business from Sensitive Sources Notice (Number 1) for Prescribed Businesses which is available here.  Prescribed businesses must exercise a greater degree of caution when taking on business from the countries or territories specified in the Notice.

On 8 September the Policy Council signed the Criminal Justice (Proceeds of Crime) (Financial Services Businesses) (Bailiwick of Guernsey) (Amendment) Regulations, 2008.   The main changes to the December 2007 regulations for financial services businesses created by the amendment regulations include:    1.     The introduction of a requirement for regulated financial services businesses to…

In May the Commission consulted on a proposed AML/CFT framework for firms of legal professionals, accountants and estate agents when carrying out specified activities.  Firms carrying out the specified activities are “prescribed businesses” for the purposes of the AML/CFT framework.   Following the consultation, the final version of the Criminal Justice (Proceeds of Crime) (Legal…

​The Commission has written to the managing partners of firms of legal professionals and accountants and to the managing directors of firms of estate agents in connection with consultation on a proposed AML/CFT framework for firms of legal professionals, accountants and estate agents.The consultation paper, together with drafts of the Prescribed Businesses (Bailiwick of Guernsey) Law, 2008, the…