Articles from 2024

On Thursday 8 August and Friday 9 August the Commission delivered three presentations regarding the findings from its thematic review of Governance, Risk, and Compliance Controls to Counter Financial Crime - Estate Agency, Legal and Accountancy Services published on 4 April 2024. These sessions were attended by over 100 people. Slides from the presentation can be found on the Events page or...

Guernsey Funds The total net asset value of Guernsey funds at the end of the quarter was £295.7 billion, an increase over the quarter of £3.2 billion (+1.1%). Over the past year, total net asset values have increased by £9.7 billon (+3.4%). Closed-ended Schemes Within these totals, Guernsey closed-ended funds increased over the quarter by £2.5 billion (+1.0%) to £244.0 billion. This represents an...

Please be advised that the following persons/entities: Aleksey Valerievich Lazarenko (Group ID: 16547) Andrei Sergeevich Palchyk (Group ID: 16548) Filip Vladimirovich Sturchanka (Group ID: 16550) Denis Anatolievich Tolstenkov (Group ID: 16549) JSC NIIEVM (Group ID: 16551) OJSC STANKOGOMEL (Group ID: 16552) RUCHSERVOMOTOR LLC (Group ID: 16553) have been designated under The Republic of Belarus...

Please be advised that the following persons, previously designated under the Yemen (Sanctions) (EU Exit) (No.2) Regulations 2020 (the UK regulations), have been removed from the consolidated list and are no longer subject to an arms embargo, asset freeze or travel ban: ALI ABDULLAH SALEH (Unique ID: YEM0003) AHMED ALI ABDULLAH SALEH (Unique ID: YEM0005) The consolidated list has been updated and...

The Guernsey Financial Services Commission has today issued a discussion paper seeking views on international sustainability reporting in the Bailiwick. The paper is intended to enable the Commission, in discussion with the finance industry, to explore the next steps that the Bailiwick of Guernsey can take to meet the challenges presented by sustainability and climate change risk. This discussion...

The Financial Services Business (Enforcement Powers) (Bailiwick of Guernsey) Law, 2020 (the “Enforcement Powers Law”) The Regulation of Fiduciaries, Administration Businesses and Company Directors, etc (Bailiwick of Guernsey) Law, 2020 (the “Fiduciaries Law”) [i] The Criminal Justice (Proceeds of Crime) (Financial Services Businesses) (Bailiwick of Guernsey) Regulations, 2007 (the “Regulations”)...

Please be advised that the Policy & Resources Committee has issued the attached general licence under regulation 64 of the Russia (Sanctions) (EU Exit) Regulations, 2019, as implemented in the Bailiwick by the Sanctions (Implementation of UK Regimes) (Bailiwick of Guernsey) (Brexit) Regulations, 2020 (the Russia Regulations). The licence can also be found online at Sanctions - States of Guernsey...

The Guernsey Financial Services Commission is pleased to note that John Aspden has been appointed as Chairman following approval by the States of Deliberation. John, who has been a Commissioner since 2017 and Vice-Chairman since February 2023, has taken over from Julian Winser who retired as Chairman and Commissioner in May. The Commission has also elected a new Vice-Chairman, Anna Guggenheim KC...

The Commission has today issued an amendment to the country list in Appendix I of the Handbook on Countering Financial Crime (AML/CFT/CPF) (the “Handbook”) reflecting the Financial Action Task Force (“FATF”)’s updated list of jurisdictions under increased monitoring, which added Monaco and Venezuela. Monaco has been added to Appendix I whereas Venezuela was already included due to being listed by...