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© 2011 International Monetary Fund
January 2011
IMF Country Report No. 11/13
Guernsey: Report on Observance of Standards and Codes—FATF Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism
This Report on the Observance of Standards and Codes on the FATF Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism for Guernsey was prepared by a staff team of the International Monetary Fund using the assessment methodology adopted by the FATF in February 2004 and endorsed by the Executive Board of the IMF in March 2004. The views expressed in this document, as well as in the full assessment report, are those of the staff team and do not necessarily reflect the views of the Government of Guernsey or the Executive Board of the IMF.
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Front Matter Page
INTERNATIONAL MONETARY FUND
GUERNSEY
Report on Observance of Standards and Codes (ROSC)—FATF Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT)
Prepared by the Legal Department
Approved by Sean Hagan
December 22, 2010
Table of Contents
Acronyms
A. Introduction
B. Key Findings
C. Legal Systems and Related Institutional Measures
D. Preventive Measures – Financial Institutions
E. Preventive Measures – Designated Non-Financial Businesses and Professions
F. Legal Persons and Arrangements & Non-Profit Organizations
G. National and International Co-operation
Summary Table of Observance and Key Recommendations
H. Authorities’ Response
Acronyms
| AGCC |
Alderney Gambling Control Commission |
| AML/CFT |
Anti-Money Laundering and Combating the Financing of Terrorism |
| CDD |
Customer Due Diligence |
| DNFBP |
Designated Non-Financial Businesses and Professions |
| FATF |
Financial Action Task Force |
| FIU |
Financial Intelligence Unit |
| FIS |
Financial Intelligence Service |
| FSB |
Financial Services Businesses |
| FT |
Financing of Terrorism |
| GFSC |
Guernsey Financial Services Commission |
| LEA |
Law Enforcement Agency |
| LEG |
Legal Department of the IMF |
| LLP |
Limited Liability Partnership |
| ML |
Money Laundering |
| MLA |
Mutual Legal Assistance |
| NPO |
Nonprofit Organization |
| OEM |
Other Enforceable Means |
| PB |
Prescribed Businesses |
| PEP |
Politically-exposed person |
| POC |
Proceeds of Crime Law |
| STR |
Suspicious Transaction Report |
| TCSP |
Trust and Company Service Providers |
| UN |
United Nations Organization |
| UNSCR |
United Nations Security Council Resolution |