The Guernsey Financial Services Commission has updated Appendix I to its Handbook on Countering Financial Crime and Terrorist Financing, following the Financial Action Task Force (FATF) announcement that it has removed the Bahamas from its list of jurisdictions under increased monitoring.
The Bahamas has strengthened the effectiveness of its AML/CFT system and addressed related technical deficiencies to meet the commitments in its action plan and remedy the strategic deficiencies identified by the FATF in October 2018.
Appendix I lists countries and territories that are identified by relevant external sources as presenting a higher risk of money laundering and/or financing of terrorism.
Firms are encouraged to review the updated Appendix I to assess the impact these changes may have on their business. The FATF page on High-Risk and Other Monitored Jurisdictions can be found here.
Updated and tracked versions of Appendix I can be found within the GFSC's Notices, Instructions & Warnings page, click here.
An updated version of the Handbook will follow in due course.