Proliferation And Proliferation Financing In Guernsey

Proliferation and proliferation financing (collectively "PPF") are both significant threats to global peace and security. Given current instability arising from Russia's invasion of Ukraine and the knock-on political impact worldwide, it is now more important than ever for financial services businesses ("FSBs") to understand and recognise what is meant by PPF and have systems and controls in place to prevent and detect it.

In this guide we address three simple questions:

1. What does PPF mean?
2. What are countering PPF obligations for FSBs?; and
3. What should FSBs do to ensure they continue to meet their obligations?

1. What does PPF mean?

Proliferation:

Proliferation is the delivery system of weapons of mass destruction ("WMD") to states, non-state actors or individuals who are not authorised to possess them.