Speaking to the Guernsey Press and Star last week, Guernsey Financial Services Commission Director-General, Peter Neville explained that the jurisdiction's updated anti-money laundering laws, due to come into effect at the end of this month, now take account of FATF and EU recommendations made in the wake of the September 11 attacks.
The GFSC was in the process of reviewing the laws with a view to updating them at the time of the attacks, according to Mr Neville, but the increased international pressure on money laundering activities and terrorist financing necessitated several changes.
'First we needed to bring our regulations up to date with EU standards, the GFSC chief told the newspaper.
The previous anti-money laundering legislation had not covered foreign exchange services such as those operated by banks, independent bureaux de change, money brokers, credit unions, or advance lenders, according to the report. Despite the fact that there has been little evidence that terrorist groups have laundered money through the Island in this way, the aforementioned services will be covered by the new regulations from the end of June.
According to the Guernsey Financial Services Commission, the new laws will carry the same penalties as the previous legislation.
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