News

Alert to all Bailiwick Residents - Cold Calling The Guernsey Financial Services Commission has recently investigated a number of cases where Bailiwick residents have received unsolicited telephone calls from staff of investment businesses that do not have their place of business in the Bailiwick. The practice, where a person makes an unsolicited call to a potential investor seeking to sell them...

​ Further to the Commission's notice of 28 February, you should be aware that on 18 March the Zimbabwe (Export of Goods & Freezing of Funds) (Guernsey) Ordinance, 2002, came into force. The effect of the Ordinance is to impose restrictive measures, in particular the freezing of funds, financial assets and economic resources, belonging to those members of the Government of Zimbabwe and natural or...

​ The Bank of England issued a news release on 21 February 2002 regarding EC Regulation 310/2002 which relates to financial sanctions in respect of various members of the Government of Zimbabwe and persons associated with them. The news release is available via the below link: http://webarchive.nationalarchives.gov.uk/20130129110402/http://www.hm-treasury.gov.uk/d/boe_zim_210202.pdf Those named in...

​Interested parties are being invited to comment on a consultation document issued by the Commission which recommends the establishment of a deposit protection scheme in Guernsey. Currently, depositors in Guernsey do not have access to such a scheme and, in the event of the failure of a licensed Guernsey bank, they are exposed to the potential loss of their deposits. The introduction of a scheme...

To the Money Laundering Reporting Officer of all Financial Services Businesses and other interested persons: Business From Sensitive Sources Notice 4 - 22 August 2002 Business from Sensitive Sources Notice 3 - 4 October 2001 Business from Sensitive Sources Notice 2 - 27 July 2000 Business from Sensitive Sources Notice 1 - 18 November 1999 These Notices can be found using this l in k.

At its annual general meeting in September 2000 the Offshore Group of Banking Supervisors approved an in-depth evaluation which endorses the Bailiwick's anti-money laundering systems. The evaluation reviewed Guernsey's compliance with the 40 Recommendations issued by the Financial Action Task Force on Money Laundering ("FATF") and was carried out in 1999 by independent experts from France, Malta...

The Offshore Group of Banking Supervisors Mutual Evaluation Report of the Anti-Money Laundering System in Guernsey

At its annual general meeting this month the Offshore Group of Banking Supervisors approved an in-depth evaluation which endorses the Bailiwick's anti-money laundering systems. The evaluation reviewed Guernsey's compliance with the 40 Recommendations issued by the Financial Action Task Force on Money Laundering and was carried out in 1999 by independent experts from France (law enforcement expert)...

Guernsey has won the backing of the international Financial Action Task Force (FATF) for its impressive regulatory and criminal law framework and how the Bailiwick cooperates in practice against money laundering. The FATF was set up after the 1989 meeting of the Group of Seven Finance Ministers to look at the regulatory standards and practices employed in finance centres as part of the global...