Publication of a Notice of the fact of a Prohibition Order and a Discretionary Financial Penalty5th October 2023
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 laundering compliance officer under each of the regulatory laws for a period of three years.
The exemption set out in section 3(1)(g) of The Regulation of Fiduciaries, Administration Business and Company Directors, etc (Bailiwick of Guernsey) Law, 2020 (the “Fiduciaries Law”) (which would otherwise permit those prohibited to act as a director of not more than six companies) has also been disapplied in respect of Mrs Dowding for a period of three years.
The above sanctions have been imposed on Mrs Dowding following her failure to meet the Minimum Criteria for Licensing as set out in Schedule 1 to the Fiduciaries Law.
More details to follow in due course.