On December 12, 2018, the States of Guernsey voted to approve
legislation which represents the culmination of a substantial
effort to revise Guernsey's proceeds of crime framework in
order to meet the 2012 Financial Action Task Force (FATF) standards
and address the recommendations made by MONEYVAL in its 2016
assessment report of the Island.
The updates have also included a revised Guernsey Financial
Services Commission (GFSC) Handbook on Countering Financial Crime
and Terrorist Financing (the "Handbook") which was issued
on November 12, 2018, a year on from the original
consultation issued in June 2017.
The November 2018 Handbook version has not changed significantly
from the original 2017 consultation, but proposed terminologies
have been amended to align them with Jersey standards and minor
revisions have also been made to requirements and guidance. For
example, the Financial Crime Compliance Officer (FCCO) will now be
referred to as the Money Laundering
