Anti-money laundering plans please Guernsey industry

PLANS to revise the island’s anti-money laundering framework have been positively received by the industry.

PLANS to revise Guernsey’s anti-money laundering framework have been positively received by the industry.

The Guernsey Financial Services Commission has prepared revisions to the regulations and rules concerning anti-money laundering (AML) standards for financial services businesses.

The commission’s intention to remove general insurance from the AML regulation has particularly pleased Martin Le Pelley, pictured, president of the Guernsey International Insurance Association.

‘It is encouraging, as it shows the GFSC is listening, though I am always sceptical of what comes out until I have seen the handbook,’ he said.

‘Taking general insurance out of the AML framework is a sensible and pragmatic approach. '