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Guernsey Increases Scope Of Anti-Money Laundering Laws

by Robert Lee, Tax-News.com, London

05 December 2008


A new regulation has been introduced in Guernsey to prevent money laundering, which restricts the sale or purchase in the course of certain businesses of precious metals, precious stones or jewellery, where the payment is made in cash and exceeds GBP10,000.

These regulations were proposed by the Guernsey Financial Services Commission, which sought to extend the Bailiwick’s anti-money laundering regime in order for it to meet international standards.

The Regulations are made under Sections 49A and 54 of the Criminal Justice (Proceeds of Crime) (Bailiwick of Guernsey) Law, 1999 and are titled The Criminal Justice (Proceeds of Crime) (Restriction on Cash Transactions)(Bailiwick of Guernsey) Regulations, 2008 and were effective from December 1, 2008.

Any person who contravenes the restriction commits an offence and is liable, for a first offence, to a fine of up to twice the value of the cash involved.

The Guernsey government has asked that dealers in precious metals, precious stones or jewellery should report any attempted transactions in excess of GBP10,000 as suspicious to Guernsey’s Financial Intelligence Service.


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