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Guernsey FSC Publishes Guidance Notes on Money Laundering Prevention

Tax-news.com

08 November 1999

The Guernsey Financial Services Commission has published 'Guidance Notes on the Prevention of Money Laundering' that set out the background to the new anti-money laundering measures which are soon to be implemented in Guernsey.

The Guidance Notes include an outline of the proposed Criminal Justice (Proceeds of Crime) Regulations 1999 which are due to be considered by the Guernsey States later this month, as well as:

  • an explanation of what constitutes money laundering and the standards expected from financial services businesses operating in Guernsey;
  • the duties of vigilance owed by employers and employees and the consequences of failing to observe them;
  • procedures for reporting to the Financial Investigations Unit of the Guernsey FSC;
  • sections on banking, investment, fiduciary services and insurance including summaries of relevant laws and examples of money laundering schemes and suspicious transactions; and
  • a complete list of international supervisors and regulators.

Although the new regulations have not yet been made law, the Guernsey FSC has been allowed to issue the Guidance Notes to help Guernsey businesses prepare for the new regime.

The Guidance notes are available in loose-leaf and CD-ROM formats and can be obtained directly from the Guernsey Financial Services Commission.

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