The Financial Services Commission issued a consultation paper on the 10th
June 2004 on proposed amendments to its Anti-Money Laundering Guidance
Notes. This consultation paper anticipated amendments to the Criminal
Justice Act 1995 which came into effect on the 22nd July 2004.
The amendments to the Criminal Justice Act 1995 now also require
auditors, external accountants, tax advisors, real estate agents, notaries,
legal professionals, dealers in high value goods and casinos as well as
providers of company managerial services, professional trustees, insurance
intermediaries and insurance managers to comply with the anti-money
laundering systems of control.
The FSC's consultation process seeks to update the Know Your Customer
processes of financial institutions to a more risk based approach and to
provide more user friendly guidance for the industry.
The FSC is reminding all interested parties that replies to its
consultation paper is required, in writing, by 10th August 2004.
Copies of the consultation paper can be downloaded from the FSC's web-site
at www.fsc.gi.