New legislation in Guernsey, brought in without industry consultation, has broadened the scope of tipping-off offences, making the island more stringent than other offshore jurisdictions. Mourant Ozannes’ Rocco Cecere explains
Like other well-regulated jurisdictions, Guernsey’s money laundering regime requires, in broad terms, that when a financial services business (FSB) suspects that one of its clients may be involved in money laundering, it must make a suspicious transaction report (otherwise known as an STR) to the Financial Intelligence Service (FIS), a joint unit of the Guernsey Police and Customs & Immigration Department tasked with receiving and analysing STRs.
