The Guernsey Financial Services Commission has this week issued its revised Handbook on Countering Financial Crime and Terrorist Financing.
This follows publication of the Criminal Justice (Proceeds of Crime) (Bailiwick of Guernsey) (Amendment) Ordinance 2018, which, once approved by the States of Guernsey, will replace and update the provisions of the two sets of Criminal Justice (Proceeds of Crimes) regulations for financial services business and prescribed business.
With the revised draft legislation due to take effect on 31 March 2019, the Commission will be formally making the rules in the handbook during the first quarter of 2019, to allow for addressing any technical issues within the rules and guidance that could hinder or prevent compliance with the revised regulatory framework.
The revisions to the rules and guidance in the handbook, together with the revised legislation, will bring the Bailiwick’s AML/CFT framework into line with international standards issued in 2012 by the Financial Action Task force, as well as addressing recommendations made by MONEYVAL following its mutual evaluation of Guernsey.
They also take into account the feedback arising from the consultation issued jointly last year with the States Policy & Resources Committee.
• A clean version of the handbook is available here
• The draft legislation is available here