Criminal Justice (Proceeds of Crime) (Bailiwick of Guernsey) (Amendment) Ordinance, 2017

Summary

This Ordinance amends the Criminal Justice (Proceeds of Crime) (Bailiwick of Guernsey) Law, 1999 to create a legal bridge between the anti money laundering/proceeds of crime regime and Guernsey's and Alderney's Beneficial Ownership of Legal Persons Laws, 2017. It does not itself impose new day to day compliance duties on firms, but empowers the States' Committee to designate supervisory authorities and extend enforcement type provisions to beneficial ownership compliance.

• New section 49DA: Allows the Committee to prescribe, by regulation, supervisory authorities responsible for overseeing duties and requirements under the Beneficial Ownership Laws for regulated persons.
• Extension power: Allows the Committee to direct that sections 49B and 49C (and related provisions) of the 1999 Law extend, with modifications, to regulated persons under the Beneficial Ownership Laws and to compliance with those Laws.
• New definition: Adds a definition of Beneficial Ownership Laws meaning the Beneficial Ownership of Legal Persons (Guernsey) Law, 2017 and the Beneficial Ownership of Legal Persons (Alderney) Law, 2017.
• Commencement: The Ordinance only takes effect once regulations are made by the States of Guernsey Policy and Resources Committee appointing a commencement date, and different provisions may be brought into force on different dates.

In practical terms, this is enabling legislation: its substantive impact on regulated persons will depend on subsequent regulations made under it (designating supervisory authorities and extending compliance provisions), rather than creating immediate standalone obligations.

Applies to

regulated persons within the meaning of the Beneficial Ownership Laws, legal persons subject to beneficial ownership obligations in Guernsey and Alderney

Deadlines

• day appointed by regulations made by the States of Guernsey Policy and Resources Committee: Commencement of the Ordinance (and potentially different provisions) is deferred until regulations appoint a commencement date.

Related documents

• This document amends Criminal Justice (Proceeds of Crime) (Bailiwick of Guernsey) Law, 1999
• This document is made under Criminal Justice (Proceeds of Crime) (Bailiwick of Guernsey) Law, 1999