Guernsey Guernsey

New Documents

HM Treasury’s Office of Financial Sanctions Implementation issued a notice concerning the addition of two entities to the consolidated list pursuant to the Central African Republic (Sanctions) (EU Exit) Regulations 2020.

HM Treasury’s Office of Financial Sanctions Implementation issued a notice concerning the addition of seven individuals and 35 entities to the consolidated list pursuant to the Russia (Sanctions) (EU Exit) Regulations 2019.

Enforcement Actions

The Guernsey Financial Services Commission fined Ginette Louise Blondel £210,000 and barred her from holding various financial positions for a period of time for carrying out unlicensed activities and breaches of anti-money laundering regulations.

On Feb. 28, 2024, the Guernsey Financial Services Commission imposed penalties amounting to £266,000 and regulatory actions on Fides Corporate Services Ltd. and its directors for breaches of anti-money laundering and counterterrorist financing obligations and failure to meet licensing criteria.


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