News

As part of its ongoing programme of expansion of its coverage of its network of supervisory and regulatory cooperation agreements, the Commission has recently signed a Memorandum of Understanding (“MoU”) with the Commission de Surveillance du Secteur Financier of Luxembourg (“CSSF”), which provides a framework for enhanced cooperation between the two supervisory authorities. The MoU has been...

​The Commission is today issuing a formal consultation paper seeking feedback from the financial services industry on a number of proposals to amend the Bailiwick’s supervisory and regulatory laws. Its primary purpose is to facilitate discussion between the Commission, government and industry on the best way to update the current legislative framework ensuring that it is as user-friendly as...

​Designations made by HM Treasury for the purposes of the Terrorist Asset Freezing etc. Act 2010 are automatically effective for the purposes of the Terrorist Asset-Freezing (Bailiwick of Guernsey) Law 2011, and such designations also cease to have effect automatically under the Law once they are no longer effective under the Act. The final designation of the HOLY LAND FOUNDATION FOR RELIEF AND...

AL-QAIDA The Al-Qaida regime under EU Council Regulation 881/2002 as amended is implemented in the Bailiwick by the Al-Qaida (Restrictive Measures) (Guernsey) Ordinance, 2013, the Al-Qaida (Restrictive Measures) (Alderney) Ordinance, 2013, and the Al-Qaida (Restrictive Measures) (Sark) Ordinance, 2013. By Commission Implementing Regulation 2015/167, with effect from 4th February four individuals...

The Financial Services Commission (Bailiwick of Guernsey) Law, 1987, as amended (“the Financial Services Commission Law”) The Protection of Investors (Bailiwick of Guernsey) Law, 1987, as amended (“the Protection of Investors Law”) The Insurance Managers and Insurance Intermediaries (Bailiwick of Guernsey) Law, 2002, as amended (“the Insurance Managers and Insurance Intermediaries Law”) Woodlock...

​As previously advised, a number of persons associated with extremist groups in Iraq and Syria have been added to the Al-Qaida Sanctions List maintained under United Nations Security Council Resolution 1267. A corresponding list is maintained by the European Union under Council Regulation (EC) No 881/2002, which has been implemented in the Bailiwick under the Al-Qaida (Restrictive Measures)...

​TERRORISM AND TERRORIST FINANCING HM Treasury has renewed the final designation in respect of Khalid, Sheikh, MOHAMMED under the Terrorist Asset-Freezing etc. Act 2010. Khalid, Sheikh, MOHAMMED is therefore a Designated Person for the purposes of the Act. HM Treasury has also made amendments to the information held on the consolidated list in respect of Mohammed, Fawaz, KHALED, who is also a...

TERRORISM AND TERRORIST FINANCING HM Treasury has renewed the final designation in respect of Nabeel HUSSAIN under the Terrorist Asset-Freezing etc. Act 2010. Nabeel HUSSAIN is therefore a Designated Person for the purposes of the Act. Persons who are the subject of a designation under and within the meaning of the Act are also designated persons for the purposes of the Terrorist Asset-Freezing...

The EU sanctions in relation to Libya have been implemented in the Bailiwick by the Libya (Restrictive Measures) (Guernsey) Ordinance, 2011, the Libya (Restrictive Measures) (Alderney) Ordinance, 2011 and the Libya (Restrictive Measures) (Sark) Ordinance, 2011. An asset freeze no longer applies to Ahmed Mohammed Qadhaf Al Dam. This change has taken place as a judgement by the General Court of the...