Consultation on Revisions to the Bailiwick's AML/CFT Framework

Overview

The Policy and Resources Committee of the States of Guernsey ("P&R") and the Guernsey Financial Services Commission ("the Commission") are consulting simultaneously on revisions to the Proceeds of Crime legal and regulatory framework.  The revisions bring the Bailiwick’s AML/CFT framework into line with international standards issued in 2012 by the Financial Action Task Force, as well as addressing recommendations made by MONEYVAL following its mutual evaluation of Guernsey, the results of which were published in January 2016.

The purpose of this Consultation Paper is to seek feedback from all interested parties on proposed revisions to the Criminal Justice (Proceeds of Crime) (Bailiwick of Guernsey) Law, 1999 as amended, the two sets of Criminal Justice (Proceeds of Crime) (Bailiwick of Guernsey) Regulations and the rules and guidance in the Handbooks on Countering Financial Crime and Terrorist Financing.

Please note that this survey comprises only the questions of the Consultation Paper.  The survey must therefore be read in conjunction with the full Consultation Paper, a copy of which can be found below.

This is a combined consultation and all responses received will be shared with both P&R and the Commission.

Respondents are encouraged to submit their comments online, via the link to the survey below, however written responses are also welcomed by e-mail or post.  The relevant contact details can be found on page 3 of the full Consultation Paper.

Please be advised that the content of responses submitted via this online survey are stored in the cloud.  Respondents are therefore encouraged to submit written responses using the contact details referenced above where sensitive data is included. 

The Consultation Paper is a working document and does not prejudge any final decision made by P&R or the Commission in relation to the Proceeds of Crime Law or the rules and guidance contained in the Handbook.

Feedback on key points made to this consultation will be provided in due course.