Suspicious Activity Reports: Guidance for Institutions Holding/Dealing in Assets Suspected to Be Proceeds of Crime

Liang v RBC Trustees (Guernsey) Limited provides guidance to trustees or administrators asked to make distributions or deal in assets they suspect may be the proceeds of crime, or banks or custodians receiving suspicious requests. The latest decision on the anti-money laundering legislative regime in Guernsey, it illustrates how institutions should address their suspicions, the requirements for filing suspicious activity reports, and the implications of involving the Financial Intelligence Service as regards fund administration.