New Anti-Money Laundering Laws in Guernsey
Guernsey has introduced a new legislation that was proposed by the Guernsey Financial Services Commission (GFSC). The new anti-money laundering laws were introduced in Guernsey with a view to to prevent money laundering that restricts the sale or purchase of jewelery, precious stones and precious metals in the course of certain businesses when the payment is made in cash and is more than GBP 10 000.
When proposing the new regulations, the GFSC intended to extend the Bailiwick’s anti-money laundering regime and, as a result, it would meet international standards.
Any person who does not follow the restriction is regarded as committing an offense, and this person is liable to a fine of up to double value of the cash involved, for a first offense.
Dealers in jewelery, precious stones or precious metals are asked to report any attempted transactions exceeding GBP 10 000 as suspicious to Guernsey’s Financial Intelligence Service.