Guernsey Introduces New Anti-Laundering Laws

by Caroline Maxwell, Tax-News.com, London

03 September 2002

Guernsey's finance industry has recently been advised of changes to the jurisdiction's money laundering regulations which came in last month, according to a report from the Guernsey Press and Star.

The newspaper revealed that the Criminal Justice (Proceeds of Crime) (Bailiwick of Guernsey) Regulations, 2002, replace broadly similar rules put in place in 1999, but have been updated to reflect the international crackdown on terrorist financing.

'These changes have been made in the light of the atrocities of 11 September, with the aim of, wherever possible, shutting down access to Guernsey's financial system to terrorists and those financing terrorism,' an FSC spokesman explained to the newspaper.

He continued: 'Should financial services businesses suspect that a customer or transaction are associated with terrorism, or the financing of terrorism, they should report this to the Guernsey Financial Intelligence Service, in the same way as for suspicions of money laundering.'

Money laundering reporting officers for financial service providers are also advised to keep abreast of the situation as regards the Financial Action Task Force's money laundering 'blacklist', the spokesman announced:

'Financial services businesses should take particular account of the descriptions of the anti-laundering systems of all the jurisdictions considered in the review and the FATF's current attitude to those jurisdictions,' the Guernsey Press was told.

Recommended