News

​Press Release - Anti-Money Laundering Standards for Existing Customers 30 June 2004 Following the issue of revised Recommendations by the Financial Action Task Force in 2003, the Commission has issued a statement on anti-money laundering standards for existing customers (available here as a PDF document). The statement requires financial services businesses to assess the risk of each business...

Subsequent to the judgment of the Court of the Seneschal dated 10 February 2004, the Commission now makes available the Judgment of the Deputy Seneschal of Sark in the above case. Please direct any queries concerning the judgement to the Fiduciary and Intelligence Services Division of the Commission. Judgment of the Deputy Seneschal of Sark in Castle Company Management LLC and Guernsey Financial...

​The Commission has today published a statement on interviews conducted under section 21B(1) of the Financial Services Commission (Bailiwick of Guernsey) Law, 1987, as amended. The purpose of the statement is to set out the Commission's policy on the conduct of interviews under the Financial Services Commission Law to assist a foreign authority to carry out its functions. The statement on...

Peter Neville, Director General of the Guernsey Financial Services Commission, today made the following statement: "The Commission is presently reviewing the report compiled by Lord Penrose which we obtained today. We have also noted the contents of the letter sent by Callum McCarthy, Chairman of the Financial Services Authority, to Ruth Kelly the Financial Secretary to the Treasury. The...

​The Guernsey Financial Services Commission conducted a consultation exercise between November 2003 and January 2004 on certain aspects of hedge fund operation. It has today published a document - Hedge Funds: Flexible Approach to Authorisation Policy - setting out the main policy conclusions it has reached from that consultation exercise. The full text of the framework policy document can be...

​ The Commission has published a revised version of Appendix C of the Guidance Notes on the Prevention of Money Laundering and Countering the Financing of Terrorism. Guernsey Financial Services Commission January 2004

​Joint Launch of Leaflet - Fighting Crime and Terrorism: You Can Help The Association of Guernsey Banks, in conjunction with the Guernsey Financial Services Commission, the States of Guernsey and the Financial Intelligence Service have issued a new leaflet called "FIGHTING CRIME & TERRORISM: YOU CAN HELP" (PDF format 535Kb available here ). This leaflet will be issued to customers of local banks...

18 December 2003 The Commission is issuing this statement on introduced business, in order to provide financial services businesses with a clear statement of the standard which it will adopt in the revised Guidance Notes on the Prevention of Money Laundering and Countering the Financing of Terrorism, following the introduction on 20 June 2003 of the revised Forty Recommendations by the Financial...

In November 2003 the International Monetary Fund (IMF) issued a report on its evaluation of Guernsey’s financial regulation and law enforcement standards. This assessment was part of its programme of assessments of the regulatory standards of all financial centres. The IMF concluded that Guernsey has ‘a high level of compliance’ with each of the international standards against which the Bailiwick...