CONTACT - Guernsey Chamber of Commerce

Sector UpDate | Regulation & Compliance
Under
scrutiny
Unnecessary red tape or a vital weapon in the global war on
terror and organised crime? Whatever your views, anti-money
laundering and the countering of the financing of terrorism
(AML) legislation is now never far from the thoughts of those
doing business, whether it be in Guernsey or further afield as
Carey Olsen senior associate Richard Field reports.
this area of law has
developed relatively
swiftly and continues to
evolve on a seemingly
daily basis, adapting to new
challenges posed by increasingly
sophisticated criminal activity, the
fallout from the global financial crisis
and the ongoing political turmoil
in various parts of the world.
it is tempting to view aMl as
a necessary evil and there are
undoubtedly elements of the process
which frequently appear to be
overkill - both to the client and the
regulated business. However, aMl
has become a byword for legitimacy
and a robust aMl regime is fast
becoming a benchmark against which
investors are judging economies (at
least in part) on the world stage.
Given that the dust is now
settling following the visit of the
international Monetary Fund (iMF)
inspectors to Guernsey earlier this
year, it seems appropriate to review
how Guernsey is adapting to changes
in the international arena and the
challenges it currently faces.
Current issues
Despite the effects of the global
financial crisis, Guernsey has
maintained its position in the
market place and its aMl regime
is widely regarded as robust. ➜
www.guernseychamber.com | OCTOBER/NOVEMBER 2010 | CONTACT | 33