Guernsey

New Documents

The Financial Investigation Unit of Guernsey issued a press release highlighting the addition of one individual to the jurisdiction’s Central African Republic sanctions regime.

The Financial Intelligence Service of Guernsey released an annual report analyzing trends within suspicious activity reports of money laundering and terrorist financing submitted to the regulator during the course of the 2019 year.

News

Enforcement Actions

The Guernsey Financial Services Commission imposed financial penalties on the Guernsey-based firm and five current and former directors for failing to comply with applicable anti money laundering and counterterrorist financing regulations.

On Aug. 24, 2015 the Guernsey Financial Services Commission imposed financial penalties against five directors of the Guernsey-based company due to significant failings concerning its anti-money laundering and counter terrorism financing systems and controls.


Important Facts

  • The U.S. State Department labels the Bailiwick of Guernsey as a jurisdiction of primary concern. The Bailiwick of Guernsey encompasses a number of the Channel Islands – Guernsey, Alderney, Sark and Herm. As a Crown Dependency of the United Kingdom, Guernsey relies on the United Kingdom for its defense and international relations. Although Alderney and Sark have separate parliaments and civil law systems, Guernsey’s parliament legislates in matters of criminal justice for all islands in the Bailiwick. Due to its status as a financial center, there is a risk that criminal proceeds will be invested in or pass through the Bailiwick. Since the majority of customers of Bailiwick businesses are based elsewhere, any illicit proceeds are likely to arise from foreign predicate offenses. However, the highest overall number of money laundering cases arise from domestic criminal activity, such as drug trafficking.
  • KYC Covered Entities: Banks, lending firms, financial instrument issuers and managers, and money service businesses; insurance companies and intermediaries; investment firms and funds; safekeeping and portfolio management services; trust and company service providers; lawyers, accountants, notaries, and estate agents; dealers of precious metals and stones; and e-gaming services
  • STR Covered Entities: All businesses
  • Enhanced Due Diligence Procedures for PEPs: Foreign: Yes; Domestic: No
  • Money Laundering Criminal Prosecutions/Convictions: Prosecutions: 3 (2015); Convictions: 3 (2015)
-Source: 2016 International Narcotics Control Strategy Report (INCSR)

Rankings

FATF i

Technical Effectiveness
Compliant : 25 High :
Largely Compliant : 22 Substantial :
Partially Compliant : 2 Moderate :
Non-Compliant : 0 Low :

BASEL i

Rank : N/A
Score : N/A

TRANSPARENCY INTERNATIONAL i

Rank : N/A
Score : N/A

Tax Justice Network i

Rank : 11/133
Score : 71/100