Guernsey Reviewing Financial Services Sector Guidance
by Jason Gorringe, Lowtax.net, London
27 March, 2015
The Guernsey Financial Services Commission (GFSC) has commenced a review of its two handbooks on the territory's legal and regulatory framework for Anti-Money Laundering and Combating the Financing of Terrorism, and will issue guidance on the use of digital signatures.
The principal objective of the review is to bring the two handbooks up to date with the FATF 2012 Recommendations and condense them into a single version that is easier to understand and apply.
Guernsey had intended to commence a consultation process during the first half of 2015 on the proposed contents of the new handbook as part of a wider engagement with industry practitioners. However, changes to the Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL) schedule led to a delay.
The Commission is also now developing draft guidance in the areas of electronic identification, electronic certification, and digital signatures, as these are matters are said to be of importance to the financial services industry. Although this guidance will, ultimately, also form part of the revised Handbook, the Commission has concluded that it should press ahead with this narrower piece of work to offer early clarity.
The Commission anticipates being able to issue a consultation paper in May or June on the draft guidance covering electronic identification, electronic certification, and digital signatures
See all of today's news