Articles from 2007

Claridges Trustees Limited Claridges Trust Company (Guernsey) Limited First Nominees Limited Second Nominees Limited (all incorporated in Guernsey and together referred to as “Claridges”) On 14 December 2007 the Guernsey Financial Services Commission gave notice to Claridges of the refusal of Claridges’ application for a full fiduciary licence under the Regulation of Fiduciaries, Administration...

​ Business from Sensitive Sources Notice 5

​ The Criminal Justice (Proceeds of Crime) (Financial Services Businesses) (Bailiwick of Guernsey) Regulations, 2007 have now been signed by the Policy Council and, as anticipated, come into force on 15 December. The Commission is also now formally issuing the Handbook for Financial Services Businesses on Countering Financial Crime and Terrorist Financing (containing rules and guidance) dated 15...

PRESS RELEASE On 11 October the Commission applied pursuant to section 67A of the Companies (Guernsey) Law, 1994, as amended, to the Royal Court for an order prohibiting Mr Joseph Coutts from being a director or other officer of any company and from participating in, or being in any way concerned in, directly or indirectly, the management, formation or promotion of any company . Mr Coutts was a...

A joint statement was issued today by HM Treasury, the Bank of England and the Financial Services Authority announcing that a liquidity facility will be available to help Northern Rock plc to fund its operations during the current period of turbulence in financial markets while Northern Rock works to secure an orderly resolution to its current liquidity problems. The Financial Services Authority...

​GUERNSEY INTERNATIONAL FINANCIAL SERVICES COMMISSION, INTERNATIONAL FINANCIAL SERVICES CERTIFIED PAYMENT LIABILITY COVERAGE, IFSP & LC CERTIFICATION DECLARATION FORM The Commission has become aware of a scam in which victims are asked to pay a fee in order to obtain “Certified Payment Liability Coverage” from the “International Financial Services Commission”, to enable funds to be released. The...

GUERNSEY INTERNATIONAL FINANCIAL SERVICES COMMISSION, INTERNATIONAL FINANCIAL SERVICES CERTIFIED PAYMENT LIABILITY COVERAGE, IFSP & LC CERTIFICATION DECLARATION FORM The Commission has become aware of a scam in which victims are asked to pay a fee in order to obtain "Certified Payment Liability Coverage" from the "International Financial Services Commission", to enable funds to be released. The...

​The Commission has prepared draft Bailiwick anti-money laundering and counter terrorist financing legislation on wire transfers to ensure that BACs can continue to be used by firms in the Islands for transfers between the Islands and the UK. The draft Transfer of Funds (Guernsey/Alderney/Sark) Ordinance, 2007 is available here (PDF, 55 Kb). A draft of chapter 7 of the Commission’s proposed AML...

​A Working Party chaired by Advocate Peter Harwood was appointed in 2005 to consider investment sector legislation and regulation and to report to the Guernsey Financial Services Commission and to the Commerce and Employment Department of the States of Guernsey. In its report published in June 2006 the Working Party proposed the introduction of the concept of Registered Investment Funds, being...