News

HM Treasury has renewed the final designation of one individual under the Terrorist Asset-Freezing etc. Act 2010. The individual therefore remains a Designated Person for the purposes of the Act. Details of the individual are available here: https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/521530/TAFA_Renewal_Notice_050516v2.pdf HM Treasury has also allowed the designation...

A number of amendments have been made to the sanctions regime imposed by Council Regulation (EC) No 329/2007, as implemented in the Bailiwick by the North Korea (Restrictive Measures) (Guernsey) Ordinance, 2007, the North Korea (Restrictive Measures) (Alderney) Ordinance, 2007, and the North Korea (Restrictive Measures) (Sark) Ordinance, 2007. These amendments are automatically and immediately...

A number of changes have been made to the sanctions regimes in place regarding ISIL (Da’esh) and Al-Qaida. Further to previous Sanctions Notices issued in relation to the addition of five individuals to the list of persons associated with ISIL (Da’esh) and Al-Qaida maintained under United Nations Security Council Resolution 1267,and the removal of one individual from that list, corresponding...

​The Commission has today published its 2015 annual report and financial statements. In his Chairman’s statement, Drs Cees Schrauwers reviews the progress the Commission has made against its three-year plan, which was initiated in 2013 and comprised seven key goals. Chief amongst those goals was enhancing relationships with government and industry, raising the Commission’s professionalism and...

​Investment Funds The net asset value of total funds under management and administration has increased in Sterling terms over the quarter ended 31 March 2016 by £10.4 billion (4.56%) to £238 billion. For the year since 31 March 2015, total net asset values increased by £15.8 billion (7.1%) . Within these totals Guernsey domiciled open-ended funds increased by £1.4 billion (3.58%) over the quarter...

​As of 1 July 2016 the Financial Crime Risk Return (“the FCR Return”) will become available for all firms to complete on the Commission’s Online Submissions Portal. The Commission would remind all licence holders and registered businesses that the deadline for completion of the FCR Return is 31 October 2016. No changes have been made to the FCR Return and the manner of completion remains the same...

A Thematic Report on Financial Crime Training is now available: Thematic Report

​One of the Commission’s Senior Decision Makers, Andrew Stewart QC, has been installed as a Senator of the College of Justice in Scotland and Lord Commissioner of Justiciary, taking his place on the bench with the judicial title of Lord Ericht. The Lord Justice Clerk, Lady Dorrian, presided over the ceremony in the First Division courtroom in the Parliament House. Lord Ericht is a former president...

On 11 May 2016 the Royal Court of Guernsey handed down its final judgment in the appeal brought by Bordeaux Services (Guernsey) Limited & Ors v Guernsey Financial Services Commission. The Commission has considered this ruling carefully and believes that some key messages are contained within the judgment that are important both for Financial Services Business in the Bailiwick, and also for the...