The Bailiwick of Guernsey has put in place measures to counter the proliferation of weapons of mass destruction and the financing of weapons of mass destruction.
These are enacted through the Iran (Restrictive Measures) (Guernsey) Ordinance, 2012 and the North Korea (Restrictive Measures) (Guernsey) Ordinance, 2017. For further information on these, please see the information provided here on specific sanctions regimes. Information on sanctions regimes can also be found on the HM Treasury website and the European Commission website.
In light of particular international concern about proliferation financing in relation to Iran and North Korea, and to ensure understanding of the context and scope of the framework applicable to Guernsey, additional outreach has been carried out in order to assist businesses to understand the effect of the counter-proliferation and counter-proliferation financing sanctions regimes in place. This information should inform the countermeasures put in place by businesses.
The FATF defines proliferation financing as funds or financial services used for the manufacture, acquisition, possession, development, export, trans-shipment, brokering, transport, transfer, stockpiling or use of nuclear, chemical or biological weapons and means of delivery and related materials (technologies and dual use goods used for non-legitimate purposes) in contravention of national laws or international obligations. (FATF working definition 2010)
Information provided at briefings for the private sector sponsored by the Policy & Resources Committee, in liaison with the Sanctions Committee, held in Guernsey in the fourth quarter of 2016 is available here [1Mb]. Further briefings for the private sector were held by the Policy & Resources Committee, in liaison with the Sanctions Committee, in the fourth quarter of 2018. Information provided at these briefings is available here [5Mb].
Additional typologies-based information produced by Kings College London in 2017 is available here [3Mb]. Amongst other matters, this information includes material on attempted sanctions evasion.
Reference documents providing further information about the context and threat of proliferation financing, together with attempted sanctions evasion and the countering of proliferation financing can be accessed through the links below.
Documents produced by the FATF
Documents produced by authorities within jurisdictions
Documents produced by independent bodies
- Carnegie Article - Challenges With Implementing Proliferation Financing Controls and How Export Controls Can Help [134kb]
- CNAS Article - The Financing of Nuclear and Other Weapons of Mass Destruction Proliferation [486kb]
- CNAS Article - The Financing of WMD Proliferation and Conducting Risk Assessments [1Mb]
- CNS Paper on Countering North Korean Procurement Networks Through Financial Measures [1Mb]
- C4ADS Article - Dispatched - Mapping Overseas Forced Labour in North Korea's Proliferation Finance System [12Mb]
- C4ADS Article - Risky Business - A System Level Analysis of the North Korean Proliferation Financing System [8Mb]
- C4ADS Article - The Forex Effect - US Dollars, Overseas Networks and Illicit North Korean Finance [8Mb]
- RUSI Guidance Paper on Countering Proliferation Finance - An Introductory Guide for Financial Institutions [1Mb]