ANTI-FINANCIAL CRIME POLICY
(as at April 2023)
1. THE COMMITTEE:
a) The Committee members will be elected annually by those present and entitled to vote at the Annual General Meeting and will serve a term of twelve months after which they will be eligible for re-election. The Committee will comprise of at least three unconnected persons with two of those unconnected persons being elected to the roles of Chairperson and Treasurer.
b) Voting at meetings will be on a simple majority basis with the proviso at all times that a minimum of two unconnected Committee members are present and that a casting vote can only be made by a third unconnected person.
c) The role of the Treasurer will ensure that accurate and up to date records are kept of all the financial transactions carried out on behalf of the Charity and will be responsible for the banking of monies and the preparation of accounts as detailed below.
d) A majority of the Committee members will be Guernsey resident.
(See Constitution for more detail)
All monies received by the Charity will be used to further its aims and purposes through the implementation of projects identified and deemed worthy of support by the Charity, and for no other purpose PROVIDED THAT nothing contained herein will prevent the repayment to Committee Members of essential and reasonable out of pocket expenses or the legitimate costs incurred in fund raising activities.
a) All monies received by the Charity will be fully accounted for and will be passed promptly to the Treasurer for payment into the Charity bank account. Responsibility for the approval process with respect to the release of funds and the mechanism of such a release shall rest with at least two unconnected individuals.
b) Fund Raising Activities may be undertaken by the Charity to further support the Aims and Purposes of the Charity.
c) A Bank Account will be established for the sole purpose of facilitating transactions related to the work of the Charity. Any expenses will be charged to this account as appropriate. The Bank Account will be operated over the signatures of two authorised signatories acting jointly one of which must be the Treasurer or Chairperson. If deemed necessary more than two Committee Members may be authorised as signatories but no two signatories may be family members or be closely related to each other. The delegation of signing powers will be decided by vote at a Committee Meeting.
d) Annual Financial Statements / Accounts will be kept by the Treasurer and will be submitted for scrutiny and approval by the Members at the Annual General Meeting or more frequently if requested by the Committee. Where deemed necessary at the discretion of the Committee and subject to any legal considerations including those of data protection and privacy, the Accounts may also be placed into the public domain.
e) Prior to their consideration at the Annual General Meeting, the Annual Financial Statements will be independently audited, verified or inspected by an appropriately qualified third party unconnected and unrelated to any member of the Committee.
3. FISCAL YEAR:
For accounting purposes the fiscal year will end on 30th June or as amended by Resolution of the Committee. An Annual General meeting open to all interested or invited persons will be held each year within six months of the end of the fiscal year.
4. RISK MITIGATION:
On behalf of the charity, the Committee members will put in place risk-based processes as listed below to try and ensure that it is not used for criminal purposes.
a) Identification of donors: Whenever possible the Committee will establish, verify and document the identity of donors particularly if the donation comes from outside the Bailiwick, is for a significantly large amount or is considered in anyway unusual because of its origin, nature or for some other reason.
b) Identification of beneficiaries: In all normal circumstances the Committee will establish, verify and document the identity, credentials, bona fides and good standing of any legal or natural person to whom it provides funds, assets or other forms of assistance particularly if the beneficiary is resident outside the Bailiwick, the assistance is of a significantly large monetary value or the request is considered in any other way an unusual one.
c) Interaction with other NPO’s: When working and transacting with other NPO’s particularly those operating outside the Bailiwick, the Committee will in all normal circumstances establish, verify and document their identity, credentials, bona fides and good standing. Whenever possible the Charity will only interact with partners it knows and trusts on the basis of both personal contact and previous working relationships.
5. ANTI-FINANCIAL CRIME POLICY – SUMMARY:
Our anti-financial crime policy is designed to prevent the risk of any of our activities being used for criminal purposes especially in any dealings we might have with international partners overseas. It is largely incorporated into the governance and due diligence clauses within our Constitution particularly those relating to financial matters and risk mitigation (sections 1 to 4 above). Whenever possible our strategy is to minimise such risks by working with ‘affiliated’ charitable organisations who are registered with the UK charity commission.
In accordance with Guernsey’s Charity Laws;
a) We are registered with and aim to comply with all the procedures and reporting obligations stipulated by the Guernsey Registry.
b) Our annual financial statements and other statutory documents are retained for 6 years and are available for inspection upon request with the proviso that the Committee has full discretion to record donations as ‘confidential’ where appropriate.
c) Under section 2 above all monies received by the charity are fully accounted for and pass through the charity bank account. Likewise any significant donations and/or assistance of an equivalent nature that we receive are processed in accordance with the law.
d) Any payment made out of the island to an international partner and any contract entered into with an international partner, above the specified statutory limit, is reported in accordance with the law.
e) Our anti-financial crime policy in keeping with all our policies is reviewed annually to ensure that it remains compliant with legislation and that it still addresses the appropriate level of risk.