GFSC consultation on counter-proliferation financing
13/01/2024
Yesterday [12 Jan 2024], the GFSC issued a consultation paper on the proposed amendments to the rules and guidance in the Handbook on Countering Financial Crime to support the extension of the existing obligations upon specified businesses to counter proliferation financing. These amendments also incorporate the proposed amendments to Schedule 3 of the Criminal Justice (Proceeds of Crime) (Bailiwick of Guernsey) Law 1999, as amended, currently being consulted on by the States of Guernsey Policy & Resources Committee.
The consultation paper also seeks comments on proposed amendments.
- Following the recent publication of the second national risk assessment on the money laundering, terrorist financing and proliferation financing risks to the Bailiwick,
- Changes to the rules on pooled bank accounts for local businesses and
- Changes to chapter 12 of the Handbook on UN, UK and Bailiwick sanctions,
- As well as other minor changes.
Please use the links below to review the proposed changes:
- 'Clean’ copy of the draft amended Handbook https://www.gfsc.gg/sites/default/files/media/helix-file/Handbook.pdf
- ‘Tracked changes’ copy of the draft amended Handbook https://www.gfsc.gg/sites/default/files/media/helix-file/BL%20Handbook.pdf
- The summary of changes helps signpost the key changes to look a https://www.gfsc.gg/sites/default/files/media/helix-file/Summary%20of%20changes%20to%20Handbook%2012.01.24.pdf
The above consultation paper and associated draft legislation and Handbook changes can be found on the Commission’s Consultation Hub.
- https://consultationhub.gfsc.gg/commission-all-staff/proposed-amendments-to-the-handbook-on-countering/
- https://www.gfsc.gg/sites/default/files/media/helix-file/Consultation%20on%20proposed%20changes%20to%20the%20Handbook%20on%20Countering%20Financial%20Crime%20to%20apply%20to%20counter%20proliferation%20financing%20controls%20%282%29.pdf
The GFSC would like responses by Friday 2 February 2024.
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