Financial Crime

​ A minor amendment has been made by the Policy Council to the Criminal Justice (Proceeds of Crime) (Bailiwick of Guernsey) Regulations, 2002 (“the 2002 Regulations”).   The amendment Regulations - the Criminal Justice (Proceeds of Crime) (Bailiwick of Guernsey) (Amendment) Regulations, 2006 – were laid before the States of Guernsey on 31 January 2007 and came into force on 1…

​CAMBRIDGE INTERNATIONAL SYMPOSIUM ON ECONOMIC CRIME - 2006   Peter Neville Director General, Guernsey Financial Services Commission   Improving the Arrangements and Procedures for Handling Suspicions that a Transaction or Account Involves Issues Related to Criminal or Terrorist Activity   In my address to this Symposium last year I said that it was time for us – as regulators and law…

It has been announced that Canada Life has reached an agreement with Equitable Life to acquire most of its non-profit annuity book of business.  The Commission has received no communication from Equitable Life concerning its arrangements with Canada Life although we were advised in very broad terms of the nature of the announcement by the FSA as part of our regular communication with them.  The…

​Speech 7 September 2005   by Peter Neville, Director General of the Guernsey Financial Services Commission This session focuses specifically on what is called “the financial war on terror”.  It is a dramatic title and one that reflects the seriousness of the threat we all face.  I have just one small quibble with the title – this is not, in my opinion, as the title suggests, primarily…

​The Fiduciary Sector Policy Forum (FSPF) and the Association of Guernsey Banks (AGB) have worked closely with the Commission to produce an introducer certificate, in order to develop a consistent approach to the provision of information in respect of the underlying principals of business introduced by fiduciaries in the Bailiwick to local banks.   The FSPF and AGB have now agreed the contents…

27 April 2005   Representatives of the finance sector in Guernsey have requested clarification of the Commission's policy on certain aspects of introduced business. Accordingly, following consultation with the Joint Money Laundering Steering Group, the Commission has today issued Statement No. 2 on introduced business to the finance sector.   Enquiries should be made to:   Sylvia Sirett Senior…

​Press Release - Anti-Money Laundering Standards for Existing Customers 30 June 2004 Following the issue of revised Recommendations by the Financial Action Task Force in 2003, the Commission has issued a statement on anti-money laundering standards for existing customers (available here as a PDF document). The statement requires financial services businesses to assess the risk of each business…

​The Commission has today published a statement on interviews conducted under section 21B(1) of the Financial Services Commission (Bailiwick of Guernsey) Law, 1987, as amended. The purpose of the statement is to set out the Commission's policy on the conduct of interviews under the Financial Services Commission Law to assist a foreign authority to carry out its functions. The statement on…

​ The Commission has published a revised version of Appendix C of the Guidance Notes on the Prevention of Money Laundering and Countering the Financing of Terrorism.   Guernsey Financial Services Commission   January 2004

18 December 2003   The Commission is issuing this statement on introduced business, in order to provide financial services businesses with a clear statement of the standard which it will adopt in the revised Guidance Notes on the Prevention of Money Laundering and Countering the Financing of Terrorism, following the introduction on 20 June 2003 of the revised Forty Recommendations by the…