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Amendments to Anti-Money Laundering Guidance Notes 19 May 2008

The Financial Supervision Commission wishes to bring to your attention amendments to the Anti-Money Laundering Guidance Notes (“AMLGN”).

The Criminal Justice (Money Laundering) (Amendment) Code 2008 which added Monaco to the list of equivalent jurisdictions at Schedule 2 of the Criminal Justice (Money Laundering) Code 2008 has been incorporated into the AMLGN at Appendix B(c). Subsequent changes have been made to Section 2.01 and 2.04 of the AMLGN to reference this new legislation.

In addition, Appendix D has been amended to reflect the addition of Monaco to Schedule 2 of the Criminal Justice (Money Laundering) Code 2007.

The Criminal Justice (Money Laundering) (Amendment) Code 2008 also amended Schedule 1 (Relevant business) to the Criminal Justice (Money Laundering) Code 2007 by providing that lending, financial leasing arrangements and the provision of financial guarantees and commitments do not in themselves fall within the definition of “relevant business” contained in the Code where they are provided –

(a) by a parent undertaking to a subsidiary of that parent undertaking;
(b) by a subsidiary of a parent undertaking to that parent undertaking; or
(c) by a subsidiary of a parent undertaking to another subsidiary of that parent undertaking.

The updated AMLGN can be found at http://www.fsc.gov.im/handbooks/guides/AML/

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