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Guernsey To Update AML/CFT Regime

by Jason Gorringe, Lowtax.net, London
12 June, 2017

Guernsey has launched a consultation on proposed amendments to the island's anti-money laundering and countering the financing of terrorism (AML/CTF) framework.

The proposed amendments would see the repeal of existing AML/CTF regulations (one for financial services businesses and one for prescribed businesses) and their replacement with schedules to the island's proceeds of crime law. This would remove the need for legislative customer due diligence requirements to be in the law as well as in regulations. It would also allow retention of the existing three-tier approach of one layer of legislation complemented by rules and guidance, as opposed to having two layers of legislation complemented by rules and guidance.

The proposals are designed to bring the island's AML/CTF regime into line with the international standards issued in 2012 by the Financial Action Task Force (FATF), the intergovernmental body dedicated to combating money laundering, terrorist financing, and other related threats to the integrity of the international financial system. The reform proposals are also intended to address recommendations made by the Council of Europe's MONEYVAL mutual evaluation of Guernsey published in January 2016.

Interested parties have until July 31, 2017, to comment on the proposals.

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