Financial Crime

The Financial Services Business (Enforcement Powers) (Bailiwick of Guernsey) Law, 2020 (the “Enforcement Powers Law”) The Regulation of Fiduciaries, Administration Businesses and Company Directors, etc (Bailiwick of Guernsey) Law, 2020 (the “Fiduciaries Law”) [i] The Criminal Justice (Proceeds of Crime) (Financial Services Businesses) (Bailiwick of Guernsey) Regulations, 2007 (the “Regulations”)...

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 Monaco and Venezuela. Monaco has been added to Appendix I whereas Venezuela was already included due to being listed by...

On Thursday 8 August and Friday 9 August 2024 the Commission will be hosting a series of sector specific presentations regarding the findings from its thematic review of Governance, Risk and Compliance Controls to Counter Financial Crime – Estate Agency, Legal and Accountancy Services published on 4 April 2024. These sessions will also cover recent changes to legislation relevant to these...

The Financial Services Business (Enforcement Powers) (Bailiwick of Guernsey) Law, 2020 (the “Enforcement Powers Law”) The Regulation of Fiduciaries, Administration Businesses and Company Directors, etc (Bailiwick of Guernsey) Law, 2020 (the “Fiduciaries Law”) [1] The Criminal Justice (Proceeds of Crime) (Financial Services Businesses) (Bailiwick of Guernsey)) Regulations, 2007 (the “Regulations”)...

The Commission wishes to remind all firms responsible for one or more collective investment scheme that the Intermediary Annual Return for 2024 (the "Intermediary Return") is due for submission by 31 May 2024. Firms which are required to complete the Intermediary Return will find it available via the Commission's Online Submissions Portal . Should you see an Intermediary Return on your firm's...

The Commission has today issued an updated Handbook on Countering Financial Crime (AML/CFT/CPF) (the “Handbook”). Chapter 1 of the Handbook has been updated to include guidance to licensed firms relating to offences detailed with section 48MA of the Criminal Justice (Proceeds of Crime) (Bailiwick of Guernsey) Law, 1999 and section 74A of the Terrorism and Crime (Bailiwick of Guernsey) Law, 2002...

The Policy & Resources Committee has enhanced the sanctions-related information on the States of Guernsey website with the addition of guidance on challenging designations and obtaining assistance with the unfreezing of funds. Standard forms are also now available on the website in relation to the making of reports, challenging designations and making designation proposals. Businesses should take...

The States of Guernsey has published a report concerning the Bailiwick of Guernsey's money laundering, terrorist financing and financing of proliferation of weapons of mass destruction risks from legal persons and legal arrangements . The report follows, and supplements, the Bailiwick of Guernsey’s second National Risk Assessment , also known as NRA2, which was published in December 2023. When...

The Commission has today issued its report on the Thematic Review of Governance, Risk and Compliance Controls to Counter Financial Crime – Estate Agency, Legal and Accountancy Services. Towards the end of 2023 the Commission’s Financial Crime Division undertook a thematic review of the financial crime controls implemented within businesses registered with the Commission as prescribed businesses...