Proposed amendments to money laundering and terrorist fiancing laws

Amendments to the legislation in respect of money laundering and terrorist financing.

In May of next year the Bailiwick’s legal regime in respect of anti-money laundering (“AML”) and countering terrorist financing (“CFT”) will be evaluated by the International Monetary Fund (“IMF”).

This evaluation will assess the Bailiwick’s compliance with the recommendations of the Financial Action Task Force (“FATF”). The IMF carried out an evaluation of the other Crown Dependencies in 2008, and its reports on these jurisdictions have now been published.

In many respects the AML and CFT legislative frameworks in the other Crown Dependencies mirror that of the Bailiwick, and in some of the areas where the IMF found that AML and CFT legislation in the other Crown Dependencies needed to be enhanced, the wording of the equivalent provisions in the Bailiwick’s legislation is identical. Therefore, there is a strong risk that the Bailiwick’s legal regime in respect of AML/CFT will be considered by the IMF to need enhancing in the same way.

In addition, the Bailiwick’s law enforcement agencies have identified some of these points as areas of weakness from an enforcement perspective.

http://www.gfsc.gg/UserFiles/File/CFC/Consultation%20document%20on%20proposed%20amendments%20to%20legislation%2022%20December%2009.pdf