This consultation includes proposals by the Guernsey Financial Services Commission (“Commission”) in relation to its Handbook on Countering Financial Crime (AML/CFT/CPF) (“the Handbook”) and the States of Guernsey Policy & Resources Committee (“P&R”) in relation to legislation.
The principal purpose of this paper is to address recommended actions pertinent to the supervisory framework made by MONEYVAL in its evaluation report published early in 2025. For ease of understanding in light of the interlocking nature of the Commission’s Handbook and legislation in Schedule 3 to the Criminal Justice (Proceeds of Crime) (Bailiwick of Guernsey) Law, 1999 (“Schedule 3”), the paper includes specific proposals to amend the Handbook and Schedule 3 (which would be amended by P&R regulations) so that the whole picture can be seen.
This paper also picks up minor proposed changes to Schedules 1 and 4 to the Criminal Justice (Proceeds of Crime) (Bailiwick of Guernsey) Law, 1999 (the “Proceeds of Crime Law”) to address two unintended consequence of the introduction of the Lending, Credit and Finance (Bailiwick of Guernsey) Law, 2022 (the “LCF Law”) respectively relating to provision of credit for the financing of general insurance premiums and registration requirement when a financial services business undertakes certain virtual asset service provider activities.
Lastly, views are sought on Appendix C of the Handbook, which lists jurisdictions with standards which are equivalent with the Financial Action Task Force’s requirements. The list facilitates use of the introducer arrangements and intermediary provisions in the Handbook.
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