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’s updated list of jurisdictions under increased monitoring, which added Namibia, therefore Namibia has been added to Appendix I. The clean and tracked version of the Handbook (including Appendix I) can...

The Commission has today issued amendments 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’s updated list of jurisdictions under increased monitoring, which removed Gibraltar and the United Arab Emirates, therefore these countries have been removed from Appendix I. Some of the other sources...

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 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 has today issued an updated Handbook on Countering Financial Crime (AML/CFT/CPF) following a consultation on rules and guidance to support the extension of the existing obligations upon specified businesses to countering proliferation financing. The updated Handbook supports the changes which the States of Guernsey Policy and Resources Committee has made by regulation to Schedule 3...

Last week, more than 500 members of the financial services industry attended an update on the National Strategy and National Risk Assessment (NRA). The Bailiwick’s AML/CFT authorities once again came together to present on how the updated National Risk Assessment, or NRA2, demonstrates our understanding of the Bailiwick’s money laundering, terrorist financing and proliferation financing threats...

The Commission welcomes this judgment from the Guernsey Court of Appeal which affirms the Commission’s processes were applied properly in this matter (§ 71, § 190) and our important role in combatting financial crime in the jurisdiction (§ 67). In determining that the decision of the Royal Court could not stand (§ 193), we were obviously pleased that the Court of Appeal found in our favour in...

Today a consultation paper has been issued on the proposed amendments to the rules and guidance on the Handbook on Countering Financial Crime to support the extension of the existing obligations upon specified businesses to countering proliferation financing. These amendments also incorporate the proposed amendments to Schedule 3 of the Criminal Justice (Proceeds of Crime) (Bailiwick of Guernsey)...