Financial Crime

Towards the end of 2023 the Policy & Resources Committee issued a number of updates to its guidance on Sanctions, Terrorist Financing and Proliferation Financing including issuing an online Proliferation Financing training module, and presentation slides from recent industry presentations. The Commission has updated its webpages on Sanctions, Terrorist Financing, and Proliferation Financing to...

The States of Guernsey has published its National Strategy and update to the National Risk Assessment (NRA). The documents form part of the Bailiwick of Guernsey’s commitment to ensuring that criminals, including money launderers, terrorists and those financing terrorism or the proliferation of weapons of mass destruction, cannot launder the proceeds of crime through the Bailiwick or otherwise use...

The Commission has today issued amendments to the country lists in Appendix C and Appendix I of the Handbook on Countering Financial Crime and Terrorist Financing reflecting the Financial Action Task Force’s updated list of jurisdictions under increased monitoring, which includes Bulgaria. FATF has removed Albania, Cayman Islands, Jordan and Panama from its list of jurisdictions under increased...

The Commission wishes to remind all financial services businesses and prescribed businesses that the 2023 Financial Crime Risk Return (“the FCRR”) is due for submission by 31 October 2023. Firms which are required to complete the FCRR will find it available via the Commission’s Online Submissions Portal . Should you see a FCRR on your firm’s Online Submissions Portal timeline which you do not...

The Commission has today issued in final form guidance for registered directors on their anti-money laundering and counter terrorist financing obligations. No changes have been made to the text from the draft guidance issued on 9 August 2023. Registered directors are remined that the AML/CFT obligations upon them, which are contained in Schedule 3 of the Criminal Justice (Proceeds of Crime) (...

On Monday 25 September and Tuesday 26 September the Commission delivered six presentations regarding the findings from its thematic reviews of Business Risk Assessments and Politically Exposed Persons published on 15 December 2022 and 27 July 2023 respectively. Over 400 people attended the six sessions which spanned two days. The slides from the presentations are available for review here.

In July, the Commission launched a director registration regime for individuals holding certain categories of directorships and the Commission wishes to remind individuals who qualify for registration that they have until 1 October 2023 to register. Details on the regime including an explanation of who should register, the application process for registering and the regulatory obligations on...

On Monday 25 September and Tuesday 26 September the Commission will deliver a series of sector specific presentations regarding the findings from its thematic reviews of Business Risk Assessments and Politically Exposed Persons published on 15 December and 27 July respectively . All sessions are being held at the Harry Bound Room, Les Cotils Centre, Les Cotils, St Peter Port, GY1 1UU. The sessions...

Further to the launch of a director registration regime for individuals holding certain categories of directorships, the Commission wishes to remind individuals who qualify for registration that they have until 1 October 2023 to register. Amendments made to the Criminal Justice (Proceeds of Crime) Law, 1999 and an amendment to the Regulations of Fiduciaries, Administration Businesses and Company...