Consultation on Revisions to the Bailiwick’s AML/CFT Framework9th June 2017
The Policy and Resources Committee of the States of Guernsey ("P&R") and the Guernsey Financial Services Commission ("the Commission") are today issuing simultaneously a joint consultation on revisions to the Proceeds of Crime legal and regulatory framework.
The revisions 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, the results of which were published in January 2016.
The purpose of this consultation is to seek feedback from all interested parties on proposed revisions to the Criminal Justice (Proceeds of Crime) (Bailiwick of Guernsey) Law, 1999 as amended, the two sets of Criminal Justice (Proceeds of Crime) (Bailiwick of Guernsey) Regulations and the rules and guidance in the Handbooks on Countering Financial Crime and Terrorist Financing.
A copy of the combined Consultation Paper can be found here:
Respondents are encouraged to submit their comments online using the Commissions Citizen Space Consultation Hub which can be found here:
Copies of Amendment Ordinance and revised Handbook can be found via the below links:
The Handbook on Countering Financial Crime and Terrorist Financing (link to file updated 13 Jan 2021)
The consultation process will close at 5pm on 31 July 2017.
Comments and enquiries on this consultation can be sent to [email protected]