|
Sanctions:
None applicable
____________________________________________________
Offshore Jurisdiction Blacklists:
As a recognised offshore finance jurisdiction this country may fall
under various country offshore jurisdiction blacklists.
____________________________________________________
US State Department Money Laundering Report - 2012:
The Bailiwick of Guernsey (the Bailiwick) encompasses a number
of the Channel Islands (Guernsey, Alderney, Sark, and Herm). As
a Crown Dependency of the United Kingdom (UK), it relies on the
UK for its defense and international relations. Alderney and Sark
have their own separate parliaments and civil law systems.
Guernsey’s parliament legislates in matters of criminal justice for
all of the islands in the Bailiwick. The Bailiwick is a sophisticated
financial center, and authorities undertake efforts to reduce
vulnerability to money laundering.
Do Financial Institutions engage in currency transactions related
to international narcotics trafficking that include significant
amounts of US currency; currency derived from illegal sales in the
U.S.; or that otherwise significantly affect the U.S.: No
Criminalization of Money Laundering:
“All serious crimes” approach or “list” approach to predicate
crimes: All serious crimes
Legal persons covered: criminally: YES civilly: YES
Know-your-customer (KYC) rules:
Enhanced due diligence procedures for PEPs: Foreign: YES
Domestic: NO
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
eGambling services
Suspicious Transaction Reporting (STR) Requirements:
Number of STRs received and time frame: 1,136 in 2011
Number of CTRs received and time frame: Not applicable
STR covered entities: All businesses
Money Laundering Criminal Prosecutions/Convictions:
Prosecutions: Two in 2010
Convictions: Two in 2010
Records exchange mechanism:
With U.S.: MLAT: NO Other mechanism: YES
With other governments/jurisdictions: YES
The IMF’s December 2010 “Detailed Assessment Report on Anti-
Money Laundering and Combating the Financing of Terrorism” for
the Bailiwick of Guernsey can be found at: http://www.imf.
org/external/pubs/ft/scr/2011/cr1112.pdf
Enforcement and implementation issues and comments:
The Bailiwick has been actively involved in the provision of formal
mutual legal assistance for many years. The authorities consider
themselves able to provide assistance without the need to enter
into mutual legal assistance treaties, and this has enabled
compliance with requests from a wide range of jurisdictions,
including the US, using the full range of investigatory powers in
the law. The legal framework provides an ability to freeze and
confiscate assets in appropriate circumstances.
Guernsey’s comprehensive AML/CFT legal framework provides a
sound basis for an effective AML/CFT regime, and remaining
shortcomings are technical in nature. While no shortcomings have
been identified in the legal framework, concerns remain with
respect to the implementation of the money laundering provisions.
Given the size of the Bailiwick’s financial sector and its status as
an international financial center, the modest number of cases
involving money laundering by financial sector participants and
the small number of money laundering cases resulting in
convictions raises questions concerning the effective application
of money laundering provisions.
Guernsey is a Crown Dependency and cannot sign or ratify
international conventions in its own right unless entrusted to do
so. Rather, the UK is responsible for the Bailiwick’s international
affairs and, at Guernsey’s request, may arrange for the
ratification of any Convention to be extended to the Bailiwick. The
UK’s ratification of the 1988 UN Drug Convention was extended to
include the Bailiwick on April 3, 2002; its ratification of the UN
Convention against Corruption was extended to include Guernsey
on November 9, 2009; and its ratification of the International
Convention for the Suppression of the Financing of Terrorism was
extended to Guernsey on September 25, 2008. The UK has not
extended the UN Convention against Transnational Organized
Crime to the Bailiwick.
____________________________________________________
US State Dept Narcotics Report 2011 (introduction):
No report available
US State Dept Trafficking in Persons Report 2011
(introduction):
No report available
US State Dept Terrorism Report 2009
No report available
____________________________________________________
AML News / Updates
April 15, 2011 - List of countries meeting local anti-money
laundering equivalence expectations updated. Cyprus and Malta
added to list, Greece dropped from list.
February 10, 2011 - The Global Forum on Transparency and
Exchange of Information for Tax Purposes has issued a Phase 1
peer review for Guernsey
View Review....
January 16, 2011 - IMF releases Mutual Evaluation Report
Read Report and other associated reports
Links:
Worldwide AML Legislation (International Bar Association)
Financial Intelligence Service (FIS)
None applicable
____________________________________________________
Offshore Jurisdiction Blacklists:
As a recognised offshore finance jurisdiction this country may fall
under various country offshore jurisdiction blacklists.
____________________________________________________
US State Department Money Laundering Report - 2012:
The Bailiwick of Guernsey (the Bailiwick) encompasses a number
of the Channel Islands (Guernsey, Alderney, Sark, and Herm). As
a Crown Dependency of the United Kingdom (UK), it relies on the
UK for its defense and international relations. Alderney and Sark
have their own separate parliaments and civil law systems.
Guernsey’s parliament legislates in matters of criminal justice for
all of the islands in the Bailiwick. The Bailiwick is a sophisticated
financial center, and authorities undertake efforts to reduce
vulnerability to money laundering.
Do Financial Institutions engage in currency transactions related
to international narcotics trafficking that include significant
amounts of US currency; currency derived from illegal sales in the
U.S.; or that otherwise significantly affect the U.S.: No
Criminalization of Money Laundering:
“All serious crimes” approach or “list” approach to predicate
crimes: All serious crimes
Legal persons covered: criminally: YES civilly: YES
Know-your-customer (KYC) rules:
Enhanced due diligence procedures for PEPs: Foreign: YES
Domestic: NO
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
eGambling services
Suspicious Transaction Reporting (STR) Requirements:
Number of STRs received and time frame: 1,136 in 2011
Number of CTRs received and time frame: Not applicable
STR covered entities: All businesses
Money Laundering Criminal Prosecutions/Convictions:
Prosecutions: Two in 2010
Convictions: Two in 2010
Records exchange mechanism:
With U.S.: MLAT: NO Other mechanism: YES
With other governments/jurisdictions: YES
The IMF’s December 2010 “Detailed Assessment Report on Anti-
Money Laundering and Combating the Financing of Terrorism” for
the Bailiwick of Guernsey can be found at: http://www.imf.
org/external/pubs/ft/scr/2011/cr1112.pdf
Enforcement and implementation issues and comments:
The Bailiwick has been actively involved in the provision of formal
mutual legal assistance for many years. The authorities consider
themselves able to provide assistance without the need to enter
into mutual legal assistance treaties, and this has enabled
compliance with requests from a wide range of jurisdictions,
including the US, using the full range of investigatory powers in
the law. The legal framework provides an ability to freeze and
confiscate assets in appropriate circumstances.
Guernsey’s comprehensive AML/CFT legal framework provides a
sound basis for an effective AML/CFT regime, and remaining
shortcomings are technical in nature. While no shortcomings have
been identified in the legal framework, concerns remain with
respect to the implementation of the money laundering provisions.
Given the size of the Bailiwick’s financial sector and its status as
an international financial center, the modest number of cases
involving money laundering by financial sector participants and
the small number of money laundering cases resulting in
convictions raises questions concerning the effective application
of money laundering provisions.
Guernsey is a Crown Dependency and cannot sign or ratify
international conventions in its own right unless entrusted to do
so. Rather, the UK is responsible for the Bailiwick’s international
affairs and, at Guernsey’s request, may arrange for the
ratification of any Convention to be extended to the Bailiwick. The
UK’s ratification of the 1988 UN Drug Convention was extended to
include the Bailiwick on April 3, 2002; its ratification of the UN
Convention against Corruption was extended to include Guernsey
on November 9, 2009; and its ratification of the International
Convention for the Suppression of the Financing of Terrorism was
extended to Guernsey on September 25, 2008. The UK has not
extended the UN Convention against Transnational Organized
Crime to the Bailiwick.
____________________________________________________
US State Dept Narcotics Report 2011 (introduction):
No report available
US State Dept Trafficking in Persons Report 2011
(introduction):
No report available
US State Dept Terrorism Report 2009
No report available
____________________________________________________
AML News / Updates
April 15, 2011 - List of countries meeting local anti-money
laundering equivalence expectations updated. Cyprus and Malta
added to list, Greece dropped from list.
February 10, 2011 - The Global Forum on Transparency and
Exchange of Information for Tax Purposes has issued a Phase 1
peer review for Guernsey
View Review....
January 16, 2011 - IMF releases Mutual Evaluation Report
Read Report and other associated reports
Links:
Worldwide AML Legislation (International Bar Association)
Financial Intelligence Service (FIS)
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*Please note that FATF deems that a country has significant aml deficiencies if any
of the 'Core' Recommendations, R1, R5, R10, R13, SRII, or SRIV are rated either
Partially of Non-Compliant. These are marked in red.
For FATF to remove a country from the regular follow-up process, it has to be rated
Compliant or Largely Compliant in the above mentioned Core Recommendations
and the following Key Recommendations: -
R3, R4, R23, R26, R35, R36, R40, SRI, SRIII, SRV
Please also note that any risk assessment should take into consideration all
follow-up reports.
of the 'Core' Recommendations, R1, R5, R10, R13, SRII, or SRIV are rated either
Partially of Non-Compliant. These are marked in red.
For FATF to remove a country from the regular follow-up process, it has to be rated
Compliant or Largely Compliant in the above mentioned Core Recommendations
and the following Key Recommendations: -
R3, R4, R23, R26, R35, R36, R40, SRI, SRIII, SRV
Please also note that any risk assessment should take into consideration all
follow-up reports.
|
| Further Tables |
| GUERNSEY |
| KnowYourCountry |
|
|
| Last Updated: 16 April 2012 |