News

The Commission has updated the Codes of Practice issued under section 35 of the Fiduciary Law. The changes, which come into force on 1 August 2009, can be summarised as follows: The names of the AML/CFT legislation and the AML Handbook have been updated. The names of the trust and company laws and related terminology have been updated. The description of the “four-eyes” requirement has been...

The Policy Council have signed the Criminal Justice (Proceeds of Crime) (Legal Professionals, Accountants and Estate Agents) (Bailiwick of Guernsey) (Amendment) Regulations, 2009. The main change to the 2008 regulations created by the amendment regulations is a requirement that senior management sign off is needed for all new high risk relationships and not only for new PEP relationships. The...

​The Policy Council have signed the Criminal Justice (Proceeds of Crime) (Financial Services Businesses) (Bailiwick of Guernsey) (Amendment) Regulations, 2009. The main change to the 2007 regulations created by the amendment regulations is a requirement that senior management sign off is needed for all new high risk relationships and not only for new PEP relationships. The amendment regulations...

NEW STATISTICAL INFORMATION FORMS FORM NST – COLLECTIVE INVESTMENT SCHEMES FORM AM – ASSET MANAGEMENT AND STOCKBROKING EXPLANATORY NOTE AND FEEDBACK ON CONSULTATION Earlier this year the Investment Business Division posted on the Commission website its proposals relating to statistical information forms for consultation. The consultation document made it clear that the Commission gathers these...

​Business from Sensitive Sources Notice 9 for financial services businesses and Notice 4 for prescribed businesses

​ Business from Sensitive Sources Notice 8 for financial services businesses and Notice 3 for prescribed businesses

The Commission has noted the coverage in the Guardian of 4 March 2009 under the heading “Chelsea connection” about investigations by the Financial Services Authority and the Guernsey Financial Services Commission around 2003, including Mr Patrick Murrin’s comments on the circumstances of his departure from Harbour Trustees Limited. The Commission repeats the statement it made on this subject in...

​Total deposits held with Guernsey banks at the end of December 2008 increased in sterling terms by £20.7 billion* from the end of September 2008 level of £136.3 billion to reach a new highest figure of £157.0 billion*, representing a 15.2%* increase over the quarter and 31.8%* over the year. Total assets and liabilities increased by £26.9 billion* over the quarter representing a 17.7%* increase...

The Commission has written to the managing directors of all Financial Services Businesses today, seeking comments on the tracked changes to the Criminal Justice (Proceeds of Crime) (Financial Services Businesses) (Bailiwick of Guernsey) Regulations, 2007 and the Handbook for Financial Services Businesses on Countering Financial Crime and Terrorist Financing. A copy of the proposed amendments to...