IMF Staff Country Reports

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

Publication Date:

January 14, 2011

Electronic Access:

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Summary:

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. It 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. They also found that previous designation mechanisms had a negative impact on the effectiveness of the mutual legal assistance system. The assessors recommended to enhance the requirements for the freezing and confiscation of terrorist assets, and also provided guidance.

Series:

Country Report No. 2011/013

Subject:

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