General

The Commission has today issued an FAQ for legal professionals as a result of the recent changes to the Criminal Justice (Proceeds of Crime) (Bailiwick of Guernsey) Law, 1999. The FAQ has been created to assist legal professionals in determining whether or not a particular service they offer is within the scope of the Criminal Justice (Proceeds of Crime) (Legal Professionals, Accountants and...

The Commission wishes to remind all financial services and prescribed businesses, together with personal fiduciary licence holders, that the Financial Crime Risk Return is due for submission by 31 October 2016. The Return can be found through the Commission’s Online Submissions Portal, located here: https://submit.gfsc.gg/ Further information on the background to the Return, as well as guidance on...

Further to the Commission’s news release of 25 July 2016, the Commission would like to advise that Return 141a has now been released to the relevant licensees' timelines for the submission of Q3 statistical returns. Should a licensee wish to make use of a multi-scheme Designated Manager Quarterly Return, it may do so by completing the Form 141b spreadsheet which can be found here. Guidance Notes...

Investment Funds. The net asset value of total funds under management and administration has increased in Sterling terms over the quarter ended 30 June 2016 by £9 billion (3.8%) to £247.1 billion. For the year since 30 June 2015, total net asset values increased by £27.1 billion (12.3%) . Open-ended Funds. Within these totals Guernsey domiciled open-ended funds increased by £0.9 billion (2.2%)...

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 amendment, which is automatically effective in the Bailiwick, is to remove nineteen entities from the list of persons subject to financial restrictions under Resolution 1518. Further details about the amendment are...

The Financial Services Commission (Bailiwick of Guernsey) Law, 1987 as amended (“the Financial Services Commission Law”) The Protection of Investors (Bailiwick of Guernsey) Law, 1987 as amended (the “POI Law”) Louvre Fund Services Limited – (“Louvre”) Mr Kevin Paul Gilligan– Executive Director (“Mr Gilligan”) Mr Charles Peter Gervais Tracy - Executive Director (“Mr Tracy”) (together “the Directors...

​ISIL (DA’ESH) AND AL-QAIDA NETWORK This Notice is issued further to a previous Sanctions Notice issued in relation to the updating of information about an individual on the list of persons associated with ISIL (Da’esh) and Al-Qaida maintained under United Nations Security Council Resolution 1267 (the listed person). Please be advised that a corresponding change has now been made to the list...

The Commission has received a copy of the Administrator’s report and also attended a hearing before the Royal Court earlier today where the initial findings set out in that report were presented. The Commission considers it to be extremely concerning that it is not currently possible to fully account for investors’ funds and appreciates that such news will be extremely distressing for those...

Iraq 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 amendment, which is automatically effective in the Bailiwick, is to remove one entity from the list of persons subject to financial restrictions under Resolution 1518. Further details about the amendment are...