Update – Proceeds of Crime Legislation

Amendments to the Proceeds of Crime legislation will be considered by the States of Guernsey in December and the effective date for the commencement of the Ordinance will be 31st March 2019.

In light of this, the opportunity has also been taken to revisit the deadlines for the transitional provision arrangements. The matrix below outlines the revised timings:

Crime Legislation Matrix

For the avoidance of doubt, any MLRO or Nominated Officer who has been appointed under the current regulations will be grandfathered over to the revised framework, with no requirement to further advise the Guernsey Financial Services Commission or the FIS of the appointment.