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

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.

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Year of publication:	2011-01-14
Institutions:	International Monetary Fund (IMF) ; International Monetary Fund
Subject:	Combating the financing of terrorism \| Financial institutions \| Financial sector \| International cooperation \| Nonbank financial sector \| Reports on the Observance of Standards and Codes \| money laundering \| law enforcement \| terrorism \| terrorism financing \| financing of terrorism \| due diligence \| terrorist \| terrorist financing \| beneficial ownership \| financial intelligence unit \| legal assistance \| beneficial owners \| terrorist assets \| competent authorities \| charitable organizations \| suspicious transaction \| legal arrangements \| customer identification \| suspicious transactions \| criminal activity \| risk customers \| shell banks \| legal entities \| information exchange \| criminal activities \| internal controls \| criminal justice \| control information \| law enforcement agencies \| assessment methodology \| extraditable offenses \| criminal liability \| drug trafficking \| record keeping requirements \| transaction reports \| unusual transactions \| audit function \| suspicious transaction report \| suspicious transaction reports \| suspicious activity \| business relationships \| financial secrecy \| internal programs \| judicial authorities \| financial investigation \| wire transfer \| value transfer \| law enforcement community \| supervisory authorities \| suspicious transaction reporting \| business relations \| united nations security \| lawful purpose \| terrorist act \| law enforcement authorities \| internal control systems \| risk categories \| enforcement authorities \| restrictive conditions \| adequate protections \| money laundering cases \| law enforcement agency \| good faith \| internal procedures \| international standards \| due diligence measures \| legal impediments \| predicate offences \| transaction reporting \| factual circumstances \| money laundering techniques \| laundering legislation \| adequate powers \| terrorist organization

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Extent:	application/pdf
Series:	IMF Staff Country Reports.
Type of publication:	Book / Working Paper
Notes:	The text is part of a series IMF Staff Country Reports Number 11/13 2 pages long
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10011244835