On 17 August, an Advisory from law firm Walkers posed this question, saying that the revised September deadline for company boards to approve money laundering and terrorist financing business risk assessments (following the publication of a revised Handbook by the FSC) is fast approaching.  It also says that, at this stage, it seems reasonable to assume that Guernsey’s next Moneyval assessment will proceed in 2021 or 2022 (broadly in line with original expectations).  It says that it is important for licensees and relevant officers to maintain a regulatory focus and to consider issues that could gain greater regulatory scrutiny.  It says that there is every reason to believe that enforcement activity will increase: the jurisdiction has a legitimate need to demonstrate its commitment to regulation in accordance with developing international standards.  There is also good reason to anticipate an increasing scope for regulatory enforcement action in advance of Moneyval’s next assessment.


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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