Articles from 2012

​ Guernsey’s Anti-Bribery and Corruption Committee has hosted a conference on anti-corruption, which was attended by over 450 delegates. This committee comprises representatives of the Law Officers’ Chambers, Guernsey Law Enforcement and the Guernsey Financial Services Commission. The reference in the conference title to the “Puppet Masters” was taken, by courtesy of, and with thanks to, the World...

The States of Guernsey has adopted new sanction measures against Iran. The new sanctions carry forward the existing sanctions, introduce additional categories or persons as being subject to asset freezing provisions, and extend certain restrictions to the provision of insurance or reinsurance. Financial services businesses and prescribed businesses will need to familiarise themselves with the new...

On 12 March the Commission issued: Instruction (Number 16) for Financial Servcies Businesses and Instruction (Number 14) for Prescribed Businesses For repealed Instructions and Business From Sensitive Sources, see the Instructions page on this website.

​ The Finance Sector Code of Corporate Governance (“the Code”), issued in September 2011 with an effective date of 1 January 2012, stated the GFSC will require an assurance statement from companies confirming that the directors have considered the effectiveness of their corporate governance practices and are satisfied with their degree of compliance with the Principles set out in the Code, or the...

​Mr Taylor was the managing director and shareholder of Sartor Resources Limited (“Sartor”), an insurance manager licensed under The Insurance Managers and Insurance Intermediaries (Bailiwick of Guernsey) Law, 2002, as amended. Sartor’s licence was revoked by the Commission with effect from 9 July 2010. Mr Taylor was convicted in November 2010 of 9 counts of money laundering and sentenced in...

​In order to protect the international financial system from money laundering and terrorist financing, the FATF has published two public documents, identifying countries with strategic deficiencies regarding anti-money laundering and combating the financing of terrorism (AML/CFT). A link to the documents can be found here .

​The Commission has issued a Thematic Report on Data Security Practices within the Banking Sector of the Bailiwick of Guernsey. Data Security Review February 2012 - A Thematic Report on Practices within the Banking Sector of the Bailiwick of Guernsey

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 UN, EU and Other Sanctions. A copy of the Handbook for Financial Services...

Guernsey adopts new Terrorist Asset-Freezing Law. A link to the States of Guernsey media release can be found at www.gov.gg .