Financial Crime

The Financial Services Commission (Bailiwick of Guernsey) Law, 1987 (“the Financial Services Commission Law”); The Regulation of Fiduciaries, Administration Businesses and Company Directors, etc (Bailiwick of Guernsey) Law, 2000 (the “Fiduciaries Law”); The Disclosure (Bailiwick of Guernsey) Law, 2007 (the “Disclosure Law”). The Criminal Justice (Proceeds of Crime) (Financial Services Businesses)...

On the 4th day of March 2021 the Commission imposed a discretionary financial penalty of £185,000 on Mr Ian Roger Parry. In addition, Mr Parry was prohibited from performing any function on behalf of a regulated entity. The exemption set out in section 3(1)(g) of the Regulation of Fiduciaries, Administration Business and Company Directors, etc (Bailiwick of Guernsey) Law, 2000 (which would...

On the 31st day of March 2021 the Commission imposed the following discretionary financial penalties: Mr Christopher Henry Shaw - £100,000 Mr John Adam Robilliard - £40,000 Mr Bruce David McNaught - £15,000 (collectively "the Individuals") In addition, Mr Shaw was prohibited from holding the position of shareholder, controller, director, partner, manager, money laundering reporting officer and...

On the 4th day of March 2021 the Commission decided to prohibit Mr Paul Michael Everitt from performing any function on behalf of a regulated entity. The exemption set out in section 3(1)(g) of the Regulation of Fiduciaries, Administration Business and Company Directors, etc (Bailiwick of Guernsey) Law, 2000 (which would otherwise permit an individual to act as a director of not more than six...

On the 4th day of March 2021 the Commission imposed a discretionary financial penalty of £55,000 on Mr Jose Eduardo Paula de Lima Araujo. In addition, Mr Araujo, together with Mr Antonio Carlos de Godoy Buzaneli and Mr Jose Manuel Ordoñez (collectively the “Individuals”) were prohibited from performing any function on behalf of a regulated entity. The exemption set out in section 3(1)(g) of the...

The Commission has today issued amendments to the country lists in Appendix C and Appendix I of the Handbook on Countering Financial Crime and Terrorist Financing reflecting the Financial Action Task Force’s updated list of jurisdictions under increased monitoring, which includes the Cayman Islands, Burkina Faso, Morocco and Senegal. Updates to jurisdictions identified by other relevant external...

Following a pilot exercise in 2020, the Commission has made permanent and extended to all sectors its exit interview programme for individuals who held Money Laundering Reporting Officer and/or Money Laundering Compliance Officer roles. The pilot initially applied to the banking and fiduciary sectors as the Bailiwick’s highest risk sectors for money laundering and terrorist financing and was...

The Commission has today updated the Handbook following the December consultation regarding changes to rules and guidance in Chapters 3 and 7 on the risk-based approach and on legal persons and legal arrangements. Updates have also been made to Chapter 12 on international sanctions to reflect the new mechanism for the implementation of UN and UK sanctions in Guernsey following Brexit. The revised...

The Commission has today updated Appendix I to the Handbook as a result of the FATF's announcement that it has removed The Bahamas from its list of jurisdictions under increased monitoring. The Bahamas has strengthened the effectiveness of its AML/CFT system and addressed related technical deficiencies to meet the commitments in its action plan and remedy the strategic deficiencies identified by...

The Financial Services Commission (Bailiwick of Guernsey) Law, 1987 (“the Financial Services Commission Law”). The Regulation of Fiduciaries, Administration Businesses and Company Directors, etc (Bailiwick of Guernsey) Law, 2000 (the “Fiduciaries Law”); The Protection of Investors (Bailiwick of Guernsey) Law, 1987 (the “POI Law”); The Insurance Managers and Insurance Intermediaries (Bailiwick of...