Articles from 2018

The Commission is today issuing Instruction Number 03/2018 for Financial Services Businesses and Prescribed Businesses, replacing and repealing Instruction No. 02/2018 issued on 3 August 2018. Changes to Instruction No. 03/2018 include the addition of The Bahamas, Botswana and Ghana. Further details in respect of the inclusion of these three jurisdictions can be found within Part B of the...

During late 2018, the Banking and Insurance Division undertook a thematic review on the annual returns of licensed insurers submitted through the online services portal. This involved engagement with licensed insurance managers, external audit firms, and a comprehensive assessment of annual returns.

Council Regulation (EU) No 2016/44, as implemented by the Libya (Restrictive Measures) (Guernsey) Ordinance, 2016, the Libya (Restrictive Measures) (Alderney) Ordinance, 2016 and the Libya (Restrictive Measures) (Sark) Ordinance, 2016, has been amended by Council Implementing Regulation (EU) No 2018/1863. The Implementing Regulation is available here: Council Implementing Regulation (EU) 2018/1863...

Please be advised that one individual has been added to the list of individuals and entities associated with ISIL (Da’esh) and Al-Qaida maintained by the European Union under Council Regulation (EC) No 881/2002, by Commission Implementing Regulation (EU) No 2018/1809. These changes are automatically effective in the Bailiwick under the Al-Qaida (Restrictive Measures) (Guernsey) Ordinance, 2013...

Please be advised that the United Nations Security Council has added one entry to the list of individuals and entities associated with ISIL (Da’esh) and Al-Qaida maintained under United Nations Security Council Resolution 1267. All entities on the list are subject to restrictive measures which include targeted financial sanctions. Further details are available here: https://www.un.org/press/en...

United Nations Security Council Resolution 1518, as implemented in the Bailiwick by the Iraq (United Nations Sanctions) Channel Islands Order 2000, has been amended. The effect of the amendments, which are automatically effective in the Bailiwick, is to remove one entity from the list of persons and entities subject to financial restrictions under Resolution 1518. Further details about the...

Council Regulation (EU) No 2017/2063, as implemented in the Bailiwick by the Venezuela (Restrictive Measures) (Guernsey) Ordinance, 2017, has been amended by Council Implementing Regulation (EU) No 2018/1653. The effect of the amendments, which are automatically and immediately effective in Guernsey, is to amend the information relating to one person on the list of persons subject to an asset...

The Commission has today issued, in final draft form, the revised Handbook on Countering Financial Crime and Terrorist Financing. This follows publication of The Criminal Justice (Proceeds of Crime) (Bailiwick of Guernsey) (Amendment) Ordinance, 2018 which, once approved by the States of Guernsey, will replace and update the provisions of the two sets of Criminal Justice (Proceeds of Crimes)...

The Commission is pleased to release a discussion paper on the development of green insurance in Guernsey. The paper considers how the Bailiwick might become a supportive jurisdiction for green insurance and welcomes feedback from third parties. The fundamental challenge of a warming planet is not going to go away and there will be a continuing demand for measures to mitigate climate change. In...