News

Sanctions Notice - North Korea

21st August 2023
Please be advised that the United Nations Security Council Committee has amended the details relating to the following individuals and entity listed under the UN North Korea financial sanctions regime – Choe Chun-Sik Ri Jae Il Ri Man Gon Kang Ryong Kim Sok Chol Pak To Chun Ri Yong Mu Jo Yong-Won Munitions Industry Department . These persons are designated for the purposes of the Democratic People...

Sanctions Notice - Global Anti-Corruption

14th August 2023
Please be advised that Marianne HOAYEK Anna KOSAKOVA Riad SALAMEH Raja SALAMEH have been added to the list of persons designated under the Global Anti-Corruption Sanctions Regulations 2021 (the UK regulations) and are subject to an asset freeze. The individuals referred to above appear on the consolidated list, which can be found here . The UK regulations are given effect within the Bailiwick...

X, Y, Z and the Guernsey Financial Services Commission

10th August 2023
Following publication by the Royal Court, we are making available the anonymised judgment of the Deputy Bailiff in X, Y and Z and the Guernsey Financial Services Commission . The Deputy Bailiff heard an appeal against the sanctions imposed on three individuals by one of the Commission’s Senior Decision Makers. The Deputy Bailiff found that the sanctions imposed on the three individuals were within...

AML/CFT guidance for registered directors

9th August 2023
The Commission has today issued in final draft form guidance for registered directors on their anti-money laundering and counter terrorist financing ("AML/CFT") obligations. This follows the introduction last month of a director registration regime for individuals using the up to six directorships exemption from fiduciary licensing where no other exemption from registration applies. This guidance...

Publication of a Notice of the fact of a Prohibition Order and a Discretionary Financial Penalty

4th August 2023
On the 4th day of August 2023, the Commission imposed a discretionary financial penalty as follows: Mr Paul Conway (“Mr Conway”) a financial penalty of £30,000. Further, on the above date, the Commission imposed a prohibition as follows: Mr Conway is prohibited from holding the position of shareholder, controller, director, partner, manager, money laundering reporting officer and money laundering...

Commission granted leave to appeal

3rd August 2023
The Commission has been granted leave to appeal the judgment of LB Marshall KC in the case of Domaille, Clarke & Hannis and the Guernsey Financial Services Commission. A copy of the judgment is available on the Guernsey Legal Resources website. After careful consideration, the Commission decided to appeal the decision of LB Marshall KC because some of the reasoning and interpretation of the law...

Sanctions Notice - Russia

1st August 2023
Please be advised that Vitaly Alexsandrovich BELITSKY Ekaterina Mikhailovna DOROKHINA Natalia Nikolaevna DUDAR Boris Georgievich LOKTIONOV Danila Yurievich MIKHEEV Anna Evgenievna POTYCHKO have been designated under the Russia (Sanctions) (EU Exit) Regulations 2019 (the UK regulations) and are now subject to an asset freeze and trusts services sanctions . Please also be advised that details in...

Thematic Review of managing the risk posed by Politically Exposed Persons

27th July 2023
The Commission has today issued its report on the thematic review of the effectiveness of firms’ monitoring of, and compliance with, requirements for managing the risks posed by Politically Exposed Persons (“PEPs”). We undertook onsite inspections to 30 firms across the sectors with the largest exposure to PEPs. In all of the 170 PEP files which were reviewed, the relationships had an appropriate...