Revisions to the Bailiwick's AML/CFT Framework

The consultations by the Policy and Resources Committee and the Guernsey Financial Services Commission on proposed revisions to the Proceeds of Crime legal and regulatory framework, have closed with more than 70 responses from across the financial and professional services sector.

The draft revisions to the Criminal Justice (Proceeds of Crime) (Bailiwick of Guernsey) Law, 1999, the two sets of Criminal Justice (Proceeds of Crime) (Bailiwick of Guernsey) Regulations and the Rules and Guidance in the Handbooks on Countering Financial Crime and Terrorist Financing, had been proposed to bring the framework into line with international standards issued by the Financial Action Taskforce, as well as to address recommendations made by MONEYVAL following its mutual evaluation of Guernsey, the results of which were published in January 2016.

The consultations specifically sought views on the proposed revised measures.

The Policy and Resources Committee and the Commission are giving careful consideration to the views and opinions expressed by respondents. Further discussions will be held with industry sector associations before any final decisions are made and feedback on the consultations will be issued.