New Disclosure Law For Guernsey

Financial service providers in Guernsey will need to take careful note of the new disclosure law that will come into force later this year.

The draft legislation for the new law – The Disclosure (Bailiwick of Guernsey) Law, 2007 – is currently under review and, when enacted, will introduce some new rules that will affect the obligations of reporting suspicious transactions.

The reason for updating the rules regarding disclosure is because currently there is no positive obligation to report suspicious transactions in certain circumstances. Consequently, this has been identified by the Financial Action Task Force (‘FATF’) as an area where Guernsey’s anti-money laundering legislation does not meet international standards.