General

The States of Guernsey has today adopted further sanction measures against certain persons, entities and bodies in view of the situation in Ukraine. All financial institutions and other bodies are requested to check their records to ensure they comply. All financial institutions and other bodies and persons in Guernsey will need to ensure they do not maintain any accounts or otherwise hold any...

​The Commission is today issuing Instruction (Number 19) for Prescribed Businesses, a copy of which can be accessed on the AML/CFT section of the Commission’s website. Business from Sensitive Sources Notices Instruction (Number 18) for Prescribed Businesses is now repealed and replaced by Instruction (Number 19) for Prescribed Businesses. 26 February 2014

The Commission is today issuing Instruction (Number 21) for Financial Services Businesses, a copy of which can be accessed on the AML/CFT section of the Commission’s website. Business from Sensitive Sources Notices Instruction (Number 20) for Financial Services Businesses is now repealed and replaced by Instruction (Number 21) for Financial Services Businesses. 26 February 2014

The Commission has a policy of encouraging innovation. Virtual currencies are an area of innovation which the Commission continues to monitor closely while recognising that there are currently significant risks associated with them. In the light of those risks, the Commission will adopt a cautious approach and may well refuse applications to register financial services business where the use of...

The Commission notes ongoing public comment about EEA Life Settlements Fund PCC Limited (“the fund”), an authorised open-ended collective investment scheme regulated by the Commission. The Commission is aware that the fund was sold by intermediaries to retail investors. If the intermediary is not domiciled in Guernsey, investors may wish to contact the regulator in the intermediary’s jurisdiction...

The Commission is aware that at least one local law firm has received email correspondence which seeks representation on a legal matter as a front for the perpetration of a fraud against the firm. The activities requested to be undertaken by the legal firm potentially involve the laundering of stolen cheques through the transfer of funds to overseas bank accounts and/or fraud against the firm...

​ In 2012 the Bailiwick of Guernsey together with the other Crown dependencies joined MONEYVAL. Who is MONEYVAL? MONEYVAL is a monitoring body of the Council of Europe. It is entrusted with assessing compliance with the principal international standards to counter money laundering and the financing of terrorism and the effectiveness of their implementation. It also makes recommendations to...

​ For a number of years the Commission has been in a position to fast track the authorisation of Qualifying Investor Funds (“QIFs”) and the registration of Registered Collective Investment Schemes by placing reliance on the warranties provided by designated managers. The Commission considers that a similar approach can be taken in respect of the approval of investment compartments (i.e. sub-funds...

The Financial Services Commission (Bailiwick of Guernsey) Law, 1987, as amended (the “Financial Services Commission Law”) The Insurance Managers and Insurance Intermediaries (Bailiwick of Guernsey) Law, 2002 as amended (the “Insurance Managers and Intermediaries Law”) The Protection of Investors (Bailiwick of Guernsey) Law 1987 (the “Protection of Investors Law”) The Guernsey Financial Services...