News

Equitable Life Assurance Society Update - October 2010

12th October 2010
​The Independent Commission on Equitable Life Payments (“ICELP”) The ICELP has been set up by the Government to recommend how best to fairly allocate funds provided for the Equitable Life Payments Scheme as part of the Autumn 2010 Spending Review to those persons found to have suffered relative losses as a result of accepted Government maladministration and advise on any groups or classes of...

Change to the Handbook for Legal Professionals, Accountants and Estate Agents on Countering Financial Crime and Terrorist Financing

5th October 2010
An amendment to Schedule 2 to the Criminal Justice (Proceeds of Crime) (Bailiwick of Guernsey) Law, 1999 which relates to the business of auditors, external accountants, insolvency practitioners and tax advisers came into force on 4 October. Chapter 1 of the Handbook has been updated in light of this amendment. The current version of the Handbook along with a version showing changes highlighted in...

Registration of Auditors, External Accountants, Insolvency Practitioners and Tax Advisers

4th October 2010
From today all firms (including sole practitioners) providing accountancy, insolvency, auditing and tax advice services by way of business in the Bailiwick are required to register with the Commission for anti-money laundering and counter terrorist financing purposes unless they meet all four of the exemptions provided for in regulation 16 of the Criminal Justice (Proceeds of Crime) (Legal...

The Financial Services Commission (Administrative Financial Penalties) (Bailiwick of Guernsey) Regulations, 2010 (“The Regulations”)

20th September 2010
​As notified in a news item on 1 September 2010, the Regulations came into force on that date. Financial penalties payable under the Regulations accrue automatically. It is the responsibility of each regulated person to ensure that they have complied with their applicable filing responsibilities. Regulated persons who submit filings after the prescribed date are responsible for ensuring that...

Change of Address Notification

17th September 2010
​Please note that from Friday 24 September 2010 the Guernsey Financial Services Commission’s new address will be:- PO Box 128 Glategny Court Glategny Esplanade St Peter Port Guernsey GY1 3HQ Channel Islands Other contact details remain the same.

Revocation of Licence – Sartor Resources Limited

15th August 2010
The Commission has revoked the licence held by Sartor Resources Limited as an insurance manager with effect from 9 July 2010 in accordance with Section 9 of The Insurance Managers and Insurance Intermediaries (Bailiwick of Guernsey) Law, 2002, as amended.

Updates to the regulations in the AML/CFT Handbooks

5th August 2010
​ On 21 June the Commission informed all financial services businesses and prescribed businesses that the Criminal Justice (Proceeds of Crime) (Financial Services Businesses) (Bailiwick of Guernsey) (Amendment) (No.2) Regulations, 2010 and the Criminal Justice (Proceeds of Crime) (Legal Professionals, Accountants and Estate Agents) (Bailiwick of Guernsey) (Amendment) (No.2) Regulations, 2010 had...

Changes to the Handbook for Legal Professionals, Accountants and Estate Agents on Countering Financial Crime and Terrorist Financing

30th July 2010
Prescribed businesses are advised that the Commission has made two changes to the Handbook for Legal Professionals, Accountants and Estate Agents on Countering Financial Crime and Terrorist Financing (“the Handbook”). The changes are: the inclusion of a new section in chapter 4 of the AML/CFT handbook in respect of existing clients (i.e. clients taken on prior to the coming into force of the AML...

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