GFSC Consultation Paper on Amendments to Regulatory and AML/CFT Legislation – Interested parties are asked to provide comments in writing to the Policy and International Affairs Division of the Commission by the close of business on 21 May 2010.

1. On-site inspection provisions in the Site Visits Ordinance and the insurance laws –
   • The Site Visits Ordinance came into force in January 2008 and provides for on-site inspections for the purpose of ascertaining compliance with the regulatory laws in respect of licences issued under the Banking Law, the POI Law and the Fiduciaries Law. The Ordinance explicitly does not include the IBL and the IMIIL – separate on-site provisions are included in these two laws. Additionally, the Ordinance does not provide for on-site inspections in respect of the Transfer of Funds Ordinances – the Commission currently has powers to verify compliance with the Transfer of Funds Ordinances because the minimum criteria for licensing in the regulatory laws cover compliance with these ordinances.
2. Amendments to the regulatory laws –
   • It is proposed that the definitions of the expression “the regulatory laws” in the POI Law, the Banking Law, the IBL, the IMIIL, the Registered FSBs Law, and the Fiduciaries Law (collectively the regulatory laws) be amended so as to include references, in each of those laws, to all the other regulatory laws administered by the Commission and to the FSC Law. The proposed amendments will provide a consistent definition of the “regulatory laws” throughout the aforementioned laws and have arisen from advice from the Law Officers’ Chambers. The other consequences which flow from these amendments are set out in the attached document
3. Amendment to penalties section of the IMIIL –
   • Subsection 88(1) of the IBL lists the sections under the law to which the penalty is a fine; while subsection 88(2) states that the penalty for an offence under any other section of the law is a fine and/or imprisonment. Subsection 65(1) of the IMIIL currently lists the sections under that law to which the penalty is a fine and/or imprisonment and subsection 65(2) states that the penalty for an offence under any other section is a fine. It is proposed that, for the purposes of consistency, the States of Guernsey, by Ordinance should amend the subsections of section 65 of the IMIIL to bring them in line with the equivalent subsections of the IBL.
4. The Criminal Justice (Proceeds of Crime) (Financial Services Businesses) (Bailiwick of Guernsey) Regulations, 2007 (“FSB Regulations) –
   • The Commission is proposing that the Policy Council make amendment regulations which insert two new provisions into the FSB Regulations and amend the definition of “relevant enactments”.

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https://www.gfsc.gg/UserFiles/File/General/Consultation%20paper%20April%202010%20to%20industry(1).pdf