19 October 2023 Issue 5 Rachel Gardiner

Six sense

Rachel Gardiner describes regime changes for directors in Guernsey and Jersey
CPD Companies Regulation and compliance Guernsey Jersey

The last Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL) visits to Guernsey and Jersey in 2014 and 2015, respectively, reiterated the need for compliance with international standards against the recommendations of the Financial Action Task Force (FATF).

In relation to Guernsey, MONEYVAL noted that:

‘Persons acting in an individual capacity as a director of not more than six companies … appear not to be effectively supervised and … monitored to establish if they are effectively complying with the AML/CFT requirements.’

Similarly, for Jersey, MONEYVAL noted that:

‘Any financial activity whose low risk has not been proved, cannot be fully exempted from the obligations set out in the Money Laundering Order.’

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