Financial Crime

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...

Our Online Services will be offline for routine maintenance between 5.00 pm on Friday 8th January and 10.00 pm Sunday 10th January 2021. This website and the Online Submissions and PQ portals will be impacted - please do not edit or submit any forms on the portals during this period. Apologies in advance for any inconvenience this may cause.

The Commission is undertaking a short consultation on changes proposed to rules and guidance in Chapters 3 and 7 of the Handbook on Countering Financial Crime and Terrorist Financing (“the Handbook”) (version issued 30 October 2020) on the risk-based approach and on legal persons and legal arrangements. The following is a summary of the proposed changes to the Handbook: - When establishing a trust...

The Commission has now sent its 2021 annual fees to all licensees and registrants by email. If you have not received an invoice by email you should contact [email protected] quoting the entity name and the GFSC reference number, which can be found on our website (Regulated Entities and Registered Entities). You may also contact this email address to confirm the validity of an emailed invoice...

On the 11th day of December 2020 the Commission imposed the following discretionary financial penalties: Safehaven International Limited (the “Firm”) - £100,000 Mr Richard John Bach - £50,000 Miss Tracey Jane Ozanne - £5,000 Mr David Charles Housley Whitworth - £10,000 Mr Michael John Good - £10,000 Mr Stephen John Dickinson - £1,000 (collectively the “Individuals”) Mr Richard John Bach was also...

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...

Licensees and registrants are advised that the Commission is changing the way it distributes its annual license fee invoices, commencing with the 2021 annual fees which are due to be sent out next month. Generic email addresses for all regulated and registered entities have been prepared which will be used to send out the annual fee invoices for 2021. If you wish to check which email address the...

The Commission has today updated Appendix I to the Handbook as a result of the outcomes of the FATF plenary held 21-23 October 2020 where it was announced that Iceland and Mongolia are no longer under increased monitoring by FATF. Iceland and Mongolia have strengthened the effectiveness of their AML/CFT regimes and addressed related technical deficiencies to meet the commitments in their...

During the month of September the Commission ran ten interactive sector specific workshops to just under 400 attendees in Guernsey and Alderney, to assist firms in developing their mitigation of the money laundering and terrorist financing risks to their business as identified in the National Risk Assessment. The Commission representatives provided an overview of the inherent money laundering and...