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What is Proliferation Financing?

Proliferation is defined by the Financial Action Task Force (FATF) as the illegal manufacture, acquisition development, export, trans-shipment, brokering, transport, transfer, stockpiling or use of nuclear, chemical, or biological weapons and their means of delivery and related materials.

Proliferation financing is defined by the FATF as the provision of funds or financial services used for the manufacture, acquisition, possession, development, export, trans-shipment, brokering, transport, transfer, stockpiling or use of nuclear, chemical or biological weapons and their means of delivery and related materials (including both technologies and dual-use goods used for non-legitimate purposes), in contravention of national laws or, where applicable, international obligations.

Preventing proliferation financing is an important part of combatting proliferation. It is essential to disrupt the financial flows available to proliferators and to obstruct and complicate the procurement of the illicit goods, services and technology needed for the development of weapons of mass destruction and their means of delivery.

The Bailiwick of Guernsey has put in place measures to counter the proliferation of weapons of mass destruction and the financing of weapons of mass destruction, and to ensure understanding of the context and scope of the framework applicable to Guernsey, additional outreach has been carried out in order to assist businesses to understand the effect of the counter-proliferation and counter-proliferation financing sanctions regimes in place.

The FIS is an active member of the Bailiwick of Guernsey's Sanctions Committee.  Click here for guidance on proliferation financing that has been published by the Policy and Resources Committee, the jurisdiction's competent authority for sanctions.

 

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