Guernsey: Report on Observance of Standards and Codes-FATF Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism
January 14, 2011
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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.
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
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
Pages:
22
Volume:
2011
DOI:
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Issue:
013
Series:
Country Report No. 2011/013
Stock No:
1GGYEA2011006
ISBN:
9781455213719
ISSN:
1934-7685
