Guernsey seeks comments on proposed Anti-Money Laundering guidance

The Guernsey Financial Services Commission (GFSC) has written to the managing directors of all financial services businesses to ask for comments on proposed changes to Anti-Money Laundering and the Countering the Financing of Terrorism guidance and handbooks.

The consultation in respect of requirements on financial services businesses relates to amendments to the Criminal Justice (Proceeds of Crime) (Financial Services Businesses) (Bailiwick of Guernsey) Regulations, 2007; the Handbook for Financial Services Businesses on Countering Financial Crime and Terrorist Financing; Schedules 1 and 2 to the Criminal Justice (Proceeds of Crime) (Bailiwick of Guernsey) Law, 1999; and Schedule 1 to the Registration of Non-Regulated Financial Services Businesses (Bailiwick of Guernsey) Law, 2008. Also, comments are awaited on the proposed 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 Countering Financial Crime and Terrorist Financing.

The above-mentioned publications are provided by the Authority with a view to ensure that money launderers, terrorists, those who finance terrorism and other criminals cannot launder the proceeds of crime through Guernsey or its finance sector.

The Commission endorses the Financial Action Task Force (FATF) on 40 Recommendations on Money Laundering and the 9 Special Recommendations on Terrorist Financing.

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