Guernsey

New Documents

Guernsey’s Financial Services Commission advised regulated entities of new designations added to the jurisdiction’s Russia sanctions regime.

Guernsey’s Financial Services Commission announced the designation of eight individuals and two entities under the jurisdiction’s Russia sanctions regime.

News

Enforcement Actions

The Financial Services Commission of Guernsey imposed separate financial penalties on the Guernsey-based financial institution and five of its directors for failing to monitor and manage financial crime risks associated with its customers.

The Guernsey Financial Services Commission announced the imposition of a financial penalty of £140,000 against the St. Peter Port, Guernsey-based financial institution for failure to comply with suspicious transaction reporting, risk management and other anti-money laundering requirements.


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