Financial Crime

The Commission has today updated the Handbook on Countering Financial Crime and Terrorist Financing (the “Handbook”) to include Malta in the Appendix C list of equivalent jurisdictions. Appendix C to the Handbook lists those countries or territories which the Commission considers require businesses to have in place measures consistent with the FATF Recommendations and where such businesses are...

Due to high demand, both our Investment and Fiduciary sector-specific events have now sold out. To ensure all interested parties have the opportunity to engage with the findings from the Bailiwick of Guernsey’s MONEYVAL evaluation, the Commission is pleased to announce an additional, non-sector specific event taking place in late September. All sessions are being held at the Commission’s offices...

In late September, the Commission will be hosting a series of sector specific presentations regarding the findings from the Bailiwick of Guernsey’s MONEYVAL evaluation and what it means for firms. All sessions are being held at the Commission’s offices at Regency Court, Glategny Esplanade, St Peter Port. The sessions are not being recorded and are not available for viewing online, however the...

The Commission has today issued an amendment to the country list in Appendix I of the Handbook on Countering Financial Crime (AML/CFT/CPF) (the “Handbook”) reflecting the Financial Action Task Force (“FATF”)’s updated list of jurisdictions under increased monitoring, which added Bolivia and the British Virgin Islands. The British Virgin Islands have been added to Appendix I whereas Bolivia was...

Following a consultation we ran earlier this year, the Commission has today published amendments to the Financial Crime Returns Rules (“the FC Returns Rules”) which makes mandatory the filing of periodic returns for accountants, lawyers and estate agents (prescribed businesses), ending the disparity with other sectors where such filings are mandatory. The amendments also introduce the requirement...

As part of our engagement with industry and the associations that represent them, the Commission learned of an anomaly in the way in which the Handbook on Countering Financial Crime (AML/CFT/CPF) (the “Handbook”) treats pooled accounts operated by subsidiary companies of investment and fiduciary licensees. In response to industry feedback, the Commission has today made minor amendments to the...

The Commission has today issued an amendment to the country list in Appendix I of the Handbook on Countering Financial Crime (AML/CFT/CPF) (the “Handbook”) reflecting the Financial Action Task Force (“FATF”)’s updated list of jurisdictions under increased monitoring, which added the Lao People’s Democratic Republic and Nepal. Both countries were already included on Appendix I due to being listed...

The Guernsey Financial Services Commission welcomes the findings of Guernsey’s Mutual Evaluation Report by MONEYVAL, the Council of Europe’s permanent monitoring body, published today (Monday 10 February 2025). The report confirms the Bailiwick takes a robust approach to counter money laundering, terrorist financing and proliferation financing. Speaking about the report, the Commission’s Director...

The Commission has today published a consultation paper proposing amendments to the Financial Crime Returns Rules (“the FC Returns Rules”) which will make mandatory the filing of periodic returns for accountants, lawyers and estate agents (“prescribed businesses”). This will end the disparity with other sectors where such filings are mandatory. The proposed amendments follow the consultation by...