Guernsey SAR “Consent” Guidance
The Bailiwick of Guernsey Financial Intelligence Unit ("FIU"),
- Acts as the competent authority with the sole responsibility for the receipt, analysis and timely dissemination of Suspicious Activity Reports ("SARs") filed by Financial Services Businesses and Non-Financial Services Businesses
the report to fulfil obligations set out in
- Part I of The Disclosure (Bailiwick of Guernsey) Law, 2007, or
- Sections 12, 15 or 15A of Terrorism and Crime (Bailiwick of Guernsey) Law, 2002.
The FIU also maintains responsibility for addressing any 'consent' requests as a result of a SARs being submitted.
The FIU has now [Jan 2022] issued CONSENT guidance - https://guernseyfiu.gov.gg/CHttpHandler.ashx?id=149353&p=0 - This document is intended to
- Provide information as to the approach that the FIU will adopt when an appointed Money Laundering Reporting Officer ("MLRO") or Nominated Officer ('NO') of a reporting institution seeks consent from the FIU
- In respect of an act that may constitute a money laundering and/or terrorist financing offence according to relevant legislation.
This document intends to
- Outline the consent regime, and expected responses, and address some common misinterpretations with regards to the application of consent.
in addition to the guide MLROS must know
- Part I of The Disclosure (Bailiwick of Guernsey) Law, 2007 ("Disclosure Law"), 'Disclosure of Information by Financial Services Businesses and by Non-Financial Services Businesses';
- Part II of the Criminal Justice (Proceeds of Crime)(Bailiwick of Guernsey) Law, 1999 ("POCL"), 'Offences in Connection with the Proceeds of Criminal Conduct';
- Part III of the Terrorism and Crime (Bailiwick of Guernsey) Law, 2002 ("TACL"), 'Terrorist Property';
- Part IV of the Drug Trafficking (Bailiwick of Guernsey) Law, 2000 ("DTL"), 'Offences in Connection with the Proceeds of Drug Trafficking';
- Schedule 3 of the Criminal Justice (Proceeds of Crime)(Bailiwick of Guernsey) Law, 1999 ("POCL") 'Specified Businesses'
- Chapter 13 of Guernsey Financial Services Commission ("GFSC") Handbook on Countering Financial Crime and Terrorist Financing, 'Reporting Suspicion';
- FIU Guidance to Improve Suspicious Activity Reports;
- FIU Guidance on Requests for Additional Information
- The Consent Regime
- What is the Defence under POCL and TACL?
- When Should I Seek Consent from the FIU?
- What are the consequences if insufficient information is submitted?
- 'No Consent'
- 'Consent granted letter'
- Ongoing Obligations
- Tipping Off Offences
- Can I Discuss this Consent Issue or SAR with the Regulator or Revenue Service?
- Appendix: Consent Regime Flow Chart