Prescribed Businesses Instruction (Number 12) Business from Sensitive Sources - Iran (2011-11-22)

Summary

This is a short instruction issued by the GFSC (dated 22 November 2011) under the Criminal Justice (Proceeds of Crime) (Bailiwick of Guernsey) Law, 1999, directing prescribed businesses to report any dealings with Iranian banking entities. It responds to FATF calls for jurisdictions to apply counter-measures against money laundering and terrorist financing risks emanating from Iran, and to UK HM Treasury coordinated action on Iranian banks.

• Who must act: All prescribed businesses (as defined under the Bailiwick's proceeds of crime legislation).
• What must be reported: Any business relationships or transactions with Iranian banks, including their branches and subsidiaries, or with the Central Bank of Iran.
• How to report: Immediately advise the Commission's Deputy Director of Intelligence Services (named in the instruction as Kevin Bown).

The instruction does not set out further procedural detail, thresholds, or exemptions; it is a direct reporting requirement tied to heightened FATF concern over Iran-related financial crime risk.

Key obligations

• Prescribed businesses must immediately notify the Commission's Deputy Director of Intelligence Services of any business relationships or transactions with Iranian banks, including their branches and subsidiaries.
• Prescribed businesses must immediately notify the Commission's Deputy Director of Intelligence Services of any business relationships or transactions with the Central Bank of Iran.

Applies to

prescribed businesses

Deadlines

• immediately: Prescribed businesses must immediately advise the Commission of any business relationships or transactions with Iranian banks or the Central Bank of Iran upon becoming aware of them.