Guernsey: Report on Observance of Standards and Codes-FATF Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism

IMF Staff Country Reports, January 14, 2011

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Canonical URL: Guernsey: Report on Observance of Standards and Codes-FATF Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism

Bailiwick of Guernsey has a Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) legal framework that provides the basis for an AML/CFT regime.
Guernsey has a program to review and enhance AML/CFT legislation and monitor effectiveness of compliance with the AML/CFT regime.
Assessors found that confiscation and provisional measures within Bailiwick are robust.
Assessors found that previous designation mechanisms had a negative impact on the effectiveness of the mutual legal assistance system.

Confiscation and provisional measures within the Bailiwick are robust.
Previous designation mechanisms negatively impacted the effectiveness of the mutual legal assistance system.
Assessors recommended enhancing requirements for the freezing and confiscation of terrorist assets and provided guidance.

Enhance the requirements for the freezing and confiscation of terrorist assets.
Provide guidance to improve effectiveness of mutual legal assistance affected by prior designation mechanisms.

Subjects: Anti-money laundering and combating the financing of terrorism (AML/CFT), Crime, Economic sectors, Financial sector, Legal support in revenue administration, Money laundering, Revenue administration, Terrorism financing
Keywords: Anti-money laundering and combating the financing of terrorism (AML/CFT), authority, Bailiwick authority, CR, extradition regime, financial institution, Financial sector, GFSC authority, Guernsey extradition regime, ISCR, law enforcement authorities, Legal support in revenue administration, Money laundering, Terrorism financing

_cr1113 — Sections 1–3
- _cr1113 — Sections 1–3 (Markdown version)
- _cr1113 — Sections 1–3 (PDF)