Financial Crime

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...

The Commission has today issued updates to two appendices in the Handbook on Countering Financial Crime which add Gibraltar to the Appendix C list of equivalent jurisdictions and update the Appendix I list of higher risk jurisdictions following the Financial Action Task Force changes to its list of jurisdictions under increased monitoring. Gibraltar’s addition to Appendix C means that in certain...

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 Beneficial Ownership of Legal Persons (Guernsey) Law, 2017 (the “Beneficial Ownership Law”) Schedule 3 to Criminal Justice (Proceeds...

The Commission wishes to remind all financial services businesses and prescribed businesses that the 2024 Financial Crime Risk Return (“the FCRR”) is due for submission by 31 October 2024. Please note that for financial services businesses the FCRR is subject to late and inaccurate filing penalties. Firms which are required to complete the FCRR will find it available via the Commission’s Online...

On Thursday 8 August and Friday 9 August the Commission delivered three 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 were attended by over 100 people. Slides from the presentation can be found on the Events page or...

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”)...