Financial Crime

​ The States of Guernsey has adopted restrictive measures against certain persons and entities in view of the situation in Libya.  A link to the States of Guernsey press release can be found at here.

​The IMF has today published six reports arising from its evaluations in March and May 2010 of the Bailiwick’s financial supervision and criminal justice frameworks.  The reports commend Guernsey as having financial sector regulation and supervision of a high standard across all sectors, and a legal framework which provides a sound basis for an effective AML/CFT regime, with preventive…

  On 6 December the Commission issued:   Instruction (Number 11) for Financial Services Businesses   and   Instruction (Number 9) for Prescribed Businesses.     For repealed Instructions and Business from Sensitive Sources Notices, see the Business from Sensitive Sources & Instructions page of this website.    

​The States of Guernsey has adopted new sanction measures against Iran.  The new sanctions introduce additional categories or persons as being subject to asset freezing provisions.   Financial services businesses and prescribed businesses will need to familiarise themselves with the new sanctions and check their records to ensure compliance.   Further information on the sanctions and any…

An amendment to Schedule 2 to the Criminal Justice (Proceeds of Crime) (Bailiwick of Guernsey) Law, 1999 which relates to the business of auditors, external accountants, insolvency practitioners and tax advisers came into force on 4 October.  Chapter 1 of the Handbook has been updated in light of this amendment.  The current version of the Handbook along with a version showing changes…

From today all firms (including sole practitioners) providing accountancy, insolvency, auditing and tax advice services by way of business in the Bailiwick are required to register with the Commission for anti-money laundering and counter terrorist financing purposes unless they meet all four of the exemptions provided for in regulation 16 of the Criminal Justice (Proceeds of Crime) (Legal…

​ On 21 June the Commission informed all financial services businesses and prescribed businesses that the Criminal Justice (Proceeds of Crime) (Financial Services Businesses) (Bailiwick of Guernsey) (Amendment) (No.2) Regulations, 2010 and the Criminal Justice (Proceeds of Crime) (Legal Professionals, Accountants and Estate Agents) (Bailiwick of Guernsey) (Amendment) (No.2) Regulations, 2010…

Financial services businesses are advised that, as identified in Instruction Number 10 issued on 5 July, Greece continues to be included on the list of jurisdictions which the Financial Action Task Force considers to have strategic AML/CFT deficiencies. The Commission has therefore decided to remove Greece from Appendix C to the Handbook for Financial Services Businesses on Countering Financial…

Prescribed businesses are advised that the Commission has made two changes to the Handbook for Legal Professionals, Accountants and Estate Agents on Countering Financial Crime and Terrorist Financing (“the Handbook”). The changes are:  the inclusion of a new section in chapter 4 of the AML/CFT handbook in respect of existing clients (i.e. clients taken on prior to the coming into force of…

Prior to November 2009 the Commission issued Business from Sensitive Sources Notices, which required enhanced customer due diligence measures to be undertaken by financial services businesses and prescribed businesses in Guernsey when taking on business or transactions from specified countries or territories.  In November 2009 the Commission issued a further series of requirements.  As these…