Articles from 2011

The Commission has made a number of changes to the Handbook for Financial Services Businesses on Countering Financial Crime and Terrorist Financing and to the Handbook for Legal Professionals, Accountants and Estate Agents on Countering Financial Crime and Terrorist Financing.  The principal changes are to the chapters on Reporting Suspicion and UN, EU and Other Sanctions.  A copy of the…

The forms for Annual Returns by holders of a fiduciary licence are now available below. These may be completed electronically or printed off and completed in manuscript. Before completing either form, please read the introductory notes carefully.The relevant Annual Return period is from 1 July 2010 to 30 June 2011 and all completed Returns must be submitted to the Commission by 31 July 2011.  A…

​The GFSC Annual Report 2010 has been released. To view the document, please click the link below. Annual Report 2010

A memorandum of understanding between the Guernsey Financial Services Commission and the Guernsey Banking Deposit Compensation Scheme has been agreed between the Board of the Scheme and the Commission. The memorandum was signed by the Director General of the Commission, Nik van Leuven, and the Chairman of the Board of the Compensation Scheme, Charles Tracy.  It provides for the exchange of…

​The 2011 Fiduciary Annual Return forms will shortly be available to download from the Commission’s website.  Please note that there have been changes to the forms for full and personal fiduciary licensees for this year. One of the key recommendations contained in the Financial System Stability Assessment Update, issued by the IMF following their visit last year, is that the Commission…

​Total deposits held with Guernsey banks at the end of March 2011 increased in sterling terms by £1.9 billion from the end of December 2010 level of £111.0 billion up to £112.9 billion.  This represents a 1.7% increase over the quarter but was 4.9% down on the same time a year ago.  Total assets and liabilities increased to a greater extent, rising by £3.3 billion to £137.4 billion…

​With effect from 1 June 2011 calls to and from the Commission will be recorded.

The Financial Investigation Unit (FIU) has written to Money Laundering Reporting Officers inviting them to attend a briefing regarding administrative changes in how the Financial Intelligence Service will be dealing with consent issues under the relevant legislation, together with details of a legislative change and the use of the THEMIS computer system.  The briefing will also cover changes in…

​ FUNDS UNDER MANAGEMENT CONTINUE TO GROW STATISTICS FOR NON-FUND INVESTMENT SECTOR RELEASED   Investment Funds   The net asset value of total funds under management and administration grew by £6.2 billion (2.4%) over the quarter ended 31 March 2011 to £263.6 billion.  For the year since 31 March 2010, total net asset values increased by £66.2 billion (33.6%).   Within these totals…

The Independent Evaluation Review Terms of Reference have been released. To view the document, please the click link below  Independent Evaluation Review Terms of Reference