Articles from 2014

​The States of Guernsey has today adopted further sanction measures against certain persons, entities and bodies in view of the actions undermining or threatening the territorial integrity, sovereignty and independence of Ukraine. All financial institutions and other bodies are requested to check their records to ensure they comply. It was agreed by the European Council to introduce travel bans...

​It has recently come to the Commission's attention that a person using various aliases including James Arthur Riise and Douglas R. Baker has been claiming to be licensed by the Commission to engage in business as a loan broker. The Commission can confirm that these claims are false and are part of a scheme designed to commit fraud. By way of confirmation, loan broking services are not regulated...

The States of Guernsey has today adopted further sanction measures against certain persons, entities and bodies in view of the situation in Ukraine. All financial institutions and other bodies are requested to check their records to ensure they comply. All financial institutions and other bodies and persons in Guernsey will need to ensure they do not maintain any accounts or otherwise hold any...

The Commission is today issuing Instruction (Number 21) for Financial Services Businesses, a copy of which can be accessed on the AML/CFT section of the Commission’s website. Business from Sensitive Sources Notices Instruction (Number 20) for Financial Services Businesses is now repealed and replaced by Instruction (Number 21) for Financial Services Businesses. 26 February 2014

​The Commission is today issuing Instruction (Number 19) for Prescribed Businesses, a copy of which can be accessed on the AML/CFT section of the Commission’s website. Business from Sensitive Sources Notices Instruction (Number 18) for Prescribed Businesses is now repealed and replaced by Instruction (Number 19) for Prescribed Businesses. 26 February 2014

The Commission has a policy of encouraging innovation. Virtual currencies are an area of innovation which the Commission continues to monitor closely while recognising that there are currently significant risks associated with them. In the light of those risks, the Commission will adopt a cautious approach and may well refuse applications to register financial services business where the use of...

The Commission notes ongoing public comment about EEA Life Settlements Fund PCC Limited (“the fund”), an authorised open-ended collective investment scheme regulated by the Commission. The Commission is aware that the fund was sold by intermediaries to retail investors. If the intermediary is not domiciled in Guernsey, investors may wish to contact the regulator in the intermediary’s jurisdiction...

It was brought to the Commission's attention that during 2010 and early 2011, Mr Silvain had been working at financial services businesses in Guernsey. It is believed that he has now left the Island. Mr Silvain is known to be associated with the BVI registered company, Efaze Limited, registration number 1065831. Efaze Limited is not licensed, registered or in any way authorised to conduct any...

The Commission is aware that at least one local law firm has received email correspondence which seeks representation on a legal matter as a front for the perpetration of a fraud against the firm. The activities requested to be undertaken by the legal firm potentially involve the laundering of stolen cheques through the transfer of funds to overseas bank accounts and/or fraud against the firm...