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2007 Proceeds Of Crime Regulations Come Into Force In Guernsey

by Philip Morton, Investors Offshore.com

24 December 2007


The Criminal Justice (Proceeds of Crime) (Financial Services Businesses) (Bailiwick of Guernsey) Regulations, 2007 have this month been signed by the Policy Council, and are already in full force.

The Commission has also now formally issued the Handbook for Financial Services Businesses on Countering Financial Crime and Terrorist Financing (containing rules and guidance), dated December 15th.

Since the proposed Regulations and Handbook were issued on 18 September, the Commission has held a number of seminars for industry in Guernsey, Alderney and Sark, at which representatives of the Commission and other AML/CFT authorities in the Bailiwick made presentations and answered questions on the revised AML/CFT framework contained in the new legislation.

As a result of comments made during the transitional period since 18 September, including comments made at the seminars, one clarification to the Regulations and a few small clarifying amendments to the Handbook have been made, it was announced.

The Commission has also issued Business from Sensitive Sources Notice (Number 5).


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