GUERNSEY: REFUSAL OF CONSENT UNDER AML REPORTING REGIME – ROYAL COURT WEIGHS IN

On 20th August, a briefing from Ogier says that the Financial Intelligence Service’s (FIS’s) recent refusal to consent to a proposed transaction under Guernsey’s AML reporting regime has resulted in the Royal Court deciding its first private law action between the person claiming the asset and the financial institution holding it, and clarifies the legal framework for determining the source of funds, which will be highly relevant to all regulated entities in Guernsey.  In 2012, the Guernsey Court of Appeal had indicated that the appropriate remedy for an asset owner being denied access to their funds following a SAR was to bring proceedings against the entity holding the funds and not an application for judicial review.  The article examines the background to the hearing and the outcome, but notes that law officers have not clarified whether a bank complying with a civil court order to pay out funds may still be prosecuted if the funds later turn out to be proceeds of crime.

https://www.internationallawoffice.com/Newsletters/White-Collar-Crime/Guernsey/Ogier/Refusal-of-consent-under-AML-reporting-regime-Royal-Court-weighs-in

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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