Policy & Resources Committee - P.2017/56
The States are asked to decide:-
Whether they are of the opinion to approve the draft Ordinance entitled "The Criminal Justice (Proceeds of Crime) (Bailiwick of Guernsey) (Amendment) Ordinance, 2017", and to direct that the same shall have effect as an Ordinance of the States.
This proposition has been submitted to Her Majesty's Procureur for advice on any legal or constitutional implications in accordance with Rule 4(1) of the Rules of Procedure of the States of Deliberation and their Committees.
EXPLANATORY MEMORANDUM
The Ordinance is made under the Criminal Justice (Proceeds of Crime) (Bailiwick of Guernsey) Law, 1999, ("the Proceeds of Crime Law"). It amends the Proceeds of Crime Law to enable the Policy and Resources Committee ("the Committee") to make provision by regulations in respect of compliance with beneficial ownership obligations by regulated persons.
Beneficial ownership obligations for these purposes are those in respect of the beneficial ownership of legal persons under the Beneficial Ownership of Legal Persons (Guernsey) Law, 2017 (approved by the States of Deliberation on the 26th April, 2017) and the Beneficial Ownership of Legal Persons (Alderney) Law, 2017 (approved by the States of Alderney on the 19th April, 2017) or under other enactments relating to the beneficial ownership of legal persons. Regulated persons as defined in the Beneficial Ownership Laws are persons currently within the oversight of the Guernsey Financial Services Commission ("GFSC"), either because they are licensed by the GFSC or because, while not licensed by the GFSC, they come within the scope of its supervision for the purposes of anti-money laundering or combatting terrorist financing measures.
The amendment will allow the Committee to prescribe the supervisory authority for the purposes of compliance with beneficial obligations by regulated persons, and to underpin the actions of the supervisory authority by extending the scope of oversight measures at sections 49B and 49C of the Proceeds of Crime Law. These oversight measures concern site visits and related court-based enforcement powers.
The reason for making this amendment under the Proceeds of Crime Law, rather than under the dedicated beneficial ownership legislation as initially envisaged, is to ensure that the amendments apply across the Bailiwick as a whole.
