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Agencies combatting financial crime

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Summary of agencies and stakeholders safeguarding the island against financial crime.

Political
 

Guernsey has its own independent parliamentary body, the States of Deliberation, which operates under a consensus system of government. For financial crime matters the most relevant Committees are:

The Policy & Resources Committee

The Committee has broad responsibilities, including for External Relations, International and Constitutional Affairs, such as the island's constitutional position and relationship with the Crown, relations with the United Kingdom and relations with the European Union and other supranational organisations. The Committee also has responsibility for the policy framework for the regulation of financial services.

The Committee for Home Affairs

The Committee's responsibilities include political oversight of the Economic and Financial Crime Bureau, Guernsey Police and the Guernsey Border Agency (Customs and Immigration), as well as the Island's Prison Service. It does not include the prosecution of offences, which is dealt with by the Law Officers of the Crown.

The Committee for Economic Development

The Committee's responsibilities include the promotion and development of all sectors of business, including financial services, and the reputation of the island as a centre for commerce and industry.

Agencies
 

The Guernsey Financial Services Commission ('GFSC')

The GFSC is the regulatory body for the finance sector in the Bailiwick of Guernsey. They seek to secure good regulatory outcomes with integrity, proportionality, and professional excellence; thereby generating confidence in the Bailiwick as a jurisdiction.

The GFSC is an independent public body funded entirely by the licensees that they regulate by charging them fees. They are accountable to the States of Guernsey which is responsible for the Bailiwick's financial services industry and for establishing the regulatory regime.

The Commission supervises and regulates over 2,000 licensees from within the banking, fiduciary, insurance, and investment sectors. They do this in accordance with standards set by international bodies such as the Basel Committee for Banking Supervision, the International Association of Insurance Supervisors, the International Organization of Securities Commissions, and the Financial Action Task Force on Money Laundering.

Guernsey Financial Services Commission — GFSC

Economic and Financial Crime Bureau ('EFCB')

The Economic and Financial Crime Bureau is an independent and autonomous law enforcement authority led by the Director who is accountable to the Committee for Home Affairs. It was launched in June 2021 when the Director took over responsibility for economic and financial crime from Bailiwick of Guernsey Law Enforcement. The Director's mandate is to investigate money laundering, terrorist financing (and other serious economic crimes such as bribery, corruption, fraud and tax evasion), and the identification, tracing and recovery of the proceeds of crime/unlawful conduct in concert with the Law Officers of the Crown. The EFCB also acts as agent for the Law Officers in their role as the competent authority for mutual legal assistance. The Director's functions and powers are delegated to the EFCB's Officers and are drawn from The Economic and Financial Crime Bureau and Financial Intelligence Unit (Bailiwick of Guernsey) Law 2022.

EFCB's operational focus is to investigate criminal offences that are commensurate to the financial risks set out in Guernsey's National Risk Assessment for Money Laundering and Terrorist Financing (the NRA), other serious and complex economic crimes and to recover the proceeds of crime using conviction-based asset recovery procedures.  The EFCB also pursues the proceeds of unlawful conduct and assist the Law Officers in recovering tainted assets using civil remedies.

Home | EFCB (gov.gg)

Financial Intelligence Unit ('FIU')

A Financial Intelligence Unit (FIU) serves as a national centre for the receipt and analysis of Suspicious Activity Reports (SARs) and other information relevant to money laundering, associated predicate offences, financing of terrorism and proliferation financing.  The Guernsey Financial Intelligence Unit is the competent authority within the Bailiwick of Guernsey for the receipt of disclosures more commonly referred to as Suspicious Activity Reports (SARs) as defined under Part III of the Economic and Financial Crime Bureau and Financial Intelligence Unit (Bailiwick of Guernsey) Law, 2022.  The law appoints a Head of FIU who oversees the core functions of the FIU.

The information received from SARs enables the FIU to effectively develop, analyse and disseminate reliable, accurate and up to date financial intelligence to overseas and domestic competent authorities, for use money laundering, terrorist and proliferation financing investigations and associated predicate offences.

Guernsey FIU carries out its core functions with operational independence and autonomy, under the above legal framework, in accordance with the international standards set out by Financial Action Task Force (FATF). Guernsey is a member of the Council of Europe Committee of Experts on the Evaluation of Anti-Money Laundering Measures, Financing of Terrorism, and Proliferation Financing (MONEYVAL), which assesses the compliance of the FIU and other key authorities with the FATF Recommendations.

Financial Intelligence Unit - Financial Investigation Unit (gov.gg)

Guernsey Registry

Through the administration of the Office of the Registrar, the Guernsey Registry serve all stakeholders by delivering the statutory responsibilities under all relevant laws which assists with promoting, enhancing and encouraging business growth and social responsibility in Guernsey and the global financial community.

Guernsey Registry's strategic purpose is to enable, encourage and, where necessary enforce and sanction, compliance with Guernsey and international legal frameworks and standards. Their strategic goals include:

Guernsey Registry Home Page - Guernsey Registry

Law Officers of the Crown

The Law Officers of the Crown provide a range of legal services covering issues that would be dealt with by both central and local government in larger jurisdictions, primarily for:

The two Law Officers, HM Procureur (HM Attorney General) and HM Comptroller (HM Solicitor General), are supported by five distinct teams:

In addition to the above, HM Procureur holds the office of HM Receiver General and HM Comptroller holds the office of HM Deputy Receiver General.

The Law Officers: where government and the law meet - Law Officers of the Crown (guernseylawofficers.gg)

Mutual Legal Assistance and Extradition - Law Officers of the Crown (guernseylawofficers.gg)

Alderney Gambling Control Commission ('AGCC')

The Alderney Gambling Control Commission was established in May 2000. The Commission, consisting of the Chairman and three members, is independent and non-political, and regulates eGambling on behalf of the States of Alderney. The Commission ensures that its regulatory and supervisory approach meets the very highest of international standards.

Welcome to The Alderney Gambling Control Commission - Alderney Gambling Control Commission

The Revenue Service

The Revenue Service has responsibility for overseeing the administration of Guernsey's income tax legislation (including international tax agreements and measures covering tax transparency and base erosion and profit shifting standards) and relevant parts of legislation relating to social insurance contributions.

The Revenue Service is the primary authority that operationalises the Tax Based AML/CFT/CFP Strategy, under which it supports the work of the other AML/CFT/CFP authorities, from a tax-focussed perspective. The Revenue Service has an extremely broad ability to exchange relevant information with each of the other authorities on a reciprocal basis.

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