The Guernsey Financial Services Commission and (1) Ian Charles Domaille (2) Ian Geoffrey Clarke (3) Margaret Helen Hannis

19th January 2024

The Commission welcomes this judgment from the Guernsey Court of Appeal which affirms the Commission’s processes were applied properly in this matter (§71, §190) and our important role in combatting financial crime in the jurisdiction (§67).  In determining that the decision of the Royal Court could not stand (§193), we were obviously pleased that the Court of Appeal found in our favour in respect of all the grounds on which we appealed the Domaille et al judgment to it. 

We will follow the Court of Appeal’s instructions and will appoint a new Senior Decision Maker to re-determine the matter, taking into account its helpful advice. 

We are grateful to the people in industry and in the industry associations who were willing to support us in challenging the decision of the Royal Court rather than accepting its reasoning unthinkingly.  We are pleased that the Guernsey Courts, through this judgment, have reaffirmed the importance they attach to seeing the laws combatting money laundering and terrorist financing properly applied.

William Mason, Director General, said: “We seek to be a risk-based and proportionate regulator.  We don’t pretend we will never make mistakes and, when we do, we will seek to learn from them.  We do not use enforcement tools lightly but if the Bailiwick is to continue to be a hospitable place for commerce, an attractive place in which to do business to well understood high standards for the benefit of the global commons, there must be respect for the Bailiwick’s law under which such business is transacted.”