The Guernsey FIU guidance on; 1] Consent, 2] Expected responses and 3] Common misinterpretations
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 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 resulting from SARs.
Purpose of the Guidance Document
- This document is intended to provide information as to the approach that the FIU will adopt when
- A reporting institution’s appointed Money Laundering Reporting Officer (“MLRO”) or Nominated Officer (‘NO’) 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 expected responses and address some common misinterpretations regarding the consent regime
MLROs are also reminded they must be familiar with the following [as well as this latest guide] when submitting a disclosure to the FIU:
- 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