General

Third Quarter 2023 Guernsey Funds The total net asset value of Guernsey funds at the end of the quarter was £288.8 billion, an increase over the quarter of £2.8 billion (+1.0%). Over the past year, total net asset values have decreased by £13.9 billon (-4.6%). Closed-ended Schemes Within these totals, Guernsey closed-ended funds increased over the quarter by just under £2.4 billion (+1.0%) to £239...

The Commission is pleased to announce that the States of Guernsey have appointed The Rt Hon The Lord Henley as a new Commissioner. The vacancy arose following the sad death of Baroness Couttie. Oliver Henley is a longstanding member of the House of Lords. He is currently a member of the Joint Committee on Human Rights. He previously served as a Minister under four Prime Ministers, from Margaret...

On 24 October 2023, the Royal Court handed down a judgment in relation to a Commission matter, which was brought by the appellant s who applied for a stay order in relation to sanctions the Commission planned to impose. The Commission’s action in seeking to oppose this application marks an unusual exception to, rather than a change in, our more habitual approach of being prepared to entertain...

The Commission has become aware of a possible phishing attempt being sent to some of its licensees purporting to be from the Commission. If you have received an email from the Commission and you are unsure of its authenticity, please do not click on any links or attachments and instead forward it to [email protected]. The Commission sends its emails from the domain ending “gfsc.gg” and the email...

On the 26th day of September 2023, the Commission imposed a discretionary financial penalty as follows: Mrs Linda Dowding (“Mrs Dowding”) a financial penalty of £40,000. Further, on the above date, the Commission imposed a prohibition as follows: Mrs Dowding is prohibited from holding the position of shareholder, controller, director, partner, manager, money laundering reporting officer and money...

The Commission has today issued in final form guidance for registered directors on their anti-money laundering and counter terrorist financing obligations. No changes have been made to the text from the draft guidance issued on 9 August 2023. Registered directors are remined that the AML/CFT obligations upon them, which are contained in Schedule 3 of the Criminal Justice (Proceeds of Crime) (...

On Monday 25 September and Tuesday 26 September the Commission delivered six presentations regarding the findings from its thematic reviews of Business Risk Assessments and Politically Exposed Persons published on 15 December 2022 and 27 July 2023 respectively. Over 400 people attended the six sessions which spanned two days. The slides from the presentations are available for review here.

In July, the Commission launched a director registration regime for individuals holding certain categories of directorships and the Commission wishes to remind individuals who qualify for registration that they have until 1 October 2023 to register. Details on the regime including an explanation of who should register, the application process for registering and the regulatory obligations on...

Further to the launch of a director registration regime for individuals holding certain categories of directorships, the Commission wishes to remind individuals who qualify for registration that they have until 1 October 2023 to register. Amendments made to the Criminal Justice (Proceeds of Crime) Law, 1999 and an amendment to the Regulations of Fiduciaries, Administration Businesses and Company...