Any dispassionate assessment of the Fed s thinking before and well into the crisis shows that it failed to understand the economics of its own bailiwick, banking and financial markets.

The vast majority of the changes will enable the Bailiwick to comply with various standards set by the International Monetary Fund and the Financial Action Task Force following the recent assessment by the IMF.

The Guernsey Financial Services Commission put out for consultation proposed amendments to the Criminal Justice (Proceeds of Crime) (Bailiwick of Guernsey) Regulations and the Guidance Notes on the Prevention of Money Laundering and Countering the Financing of Terrorism.