Consultation Paper - Amendments to the Financial Crime Return Rules
7th February 2025The 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 the States of Guernsey’s Policy and Resources Committee last year and the subsequent changes made to Schedule 5 to the Criminal Justice (Proceeds of Crime) (Bailiwick of Guernsey) Law, 1999. Those amendments allowed for, inter alia, the Commission to make rules requiring the filing by prescribed businesses of periodic returns.
The consultation paper seeks comments on proposed amendments to the FC Returns Rules.
The consultation paper and associated draft legislation can be found on the Commission’s Consultation Hub. Responses are sought by close of business Monday 17 March 2025.