Financial Crime

The Commission is aware that at least one local law firm has received email correspondence which seeks representation on a legal matter as a front for the perpetration of a fraud against the firm. The activities requested to be undertaken by the legal firm potentially involve the laundering of stolen cheques through the transfer of funds to overseas bank accounts and/or fraud against the firm...

​ In 2012 the Bailiwick of Guernsey together with the other Crown dependencies joined MONEYVAL. Who is MONEYVAL? MONEYVAL is a monitoring body of the Council of Europe. It is entrusted with assessing compliance with the principal international standards to counter money laundering and the financing of terrorism and the effectiveness of their implementation. It also makes recommendations to...

​The Commission is aware that some individuals working at local financial services businesses have received email correspondence which invites them to apply for a position of employment. The activities of the entity making the offer may involve the laundering of criminal proceeds. The common characteristics of this approach are as follows: An email is sent allegedly from a company offering a...

The Commission is today issuing Instruction (Number 20) for Financial Services Businesses and Instruction (Number 18) for Prescribed Businesses, copies of which can be accessed on the AML/CFT section of the Commission’s website. Business from Sensitive Sources Notices Instruction (Number 19) for Financial Services Businesses and Instruction (Number 17) for Prescribed Businesses are now repealed...

The Commission is aware that during 2013 there has been an increase in the number of attempted, and in some cases successful, frauds on customer bank accounts held with local financial institutions. This has occurred via the use of compromised e-mail accounts or through the "piggy-backing" of e-mails. These fraudulent attempts are being made across a wide range of financial institutions with as...

The Commission would remind all companies which hold a licence from the Commission, issued after 31 July 2012 under the regulatory laws or which are registered or authorised as collective investment schemes (“funds”) under 1. below that an assurance statement under the Finance Sector Code of Corporate Governance ("the Code") must be submitted to the Commission on the first anniversary of the date...

On 27 June the Commission issued: Instruction (Number 19) for Financial Services Businesses and Instruction (Number 17) for Prescribed Businesses For other Instructions and repealed Business from Sensitive Sources, see Instructions page on this website.

Further to the news item posted on the Commission's website on 10 April, the Policy Council has made the Criminal Justice (Proceeds of Crime) (Financial Services Businesses) (Bailiwick of Guernsey) (Amendment) (No 2) Regulations, 2013 and the Criminal Justice (Proceeds of Crime) (Legal Professionals, Accountants and Estate Agents) (Bailiwick of Guernsey) (Amendment) (No 2) Regulations, 2013. These...

The Commission has noted that the Criminal Justice (Proceeds of Crime) (Financial Services Businesses) (Bailiwick of Guernsey) (Amendment) Regulations, 2013 have resulted in an inaccurate cross-reference in regulation 5(1)(d) of the regulations being amended. In regulation 5(1)(d) the reference to regulation 3(1)(c) should now be to regulation 3(2)(a). The making of the Criminal Justice (Proceeds...