News

Please be advised that the United Nations Security Council has added one individual, Amir Muhammad Sa’id Abdal-Rahman al-Mawla, to the list of individuals and entities subject to restrictive measures, including targeted financial sanctions, pursuant to United Nations Security Council Resolutions 1267 (1999), 1989 (2011) and 2253 (2015) concerning ISIL (Da’esh), Al-Qaida, and associated…

The world’s circumstances have changed fundamentally with the arrival of COVID-19 which has become a major threat to global wellbeing and economic prosperity. The extraordinary measures taken by governments around the world in response to the threat posed by COVID-19, have inevitably and significantly altered any forward-looking statements and hence, in publishing its 2019 annual report today…

The Financial Action Task Force ("FATF") has released a guidance paper regarding COVID-19-related money laundering and terrorist financing risks, which can be accessed directly on the FATF website. This paper and other FATF guidance can be found within the FATF Guidance section of the Commission's Legislation and Guidance page.

Please be advised that the EU Council has imposed an asset freeze and travel ban against 6 people determined to be responsible for serious human rights violations in Nicaragua under Council Implementing Regulation (EU) 2020/606. The EU Regulation is implemented in Guernsey by the Nicaragua (Restrictive Measures) (Bailiwick of Guernsey) Regulations, 2019. The six designated individuals are: Ramon…

The Financial Services Commission (Bailiwick of Guernsey) Law, 1987 (the “Financial Services  Commission Law”) The Protection of Investors (Bailiwick of Guernsey) Law, 1987 (the “POI Law”)   The Insurance Managers and Insurance Intermediaries (Bailiwick of Guernsey) Law, 2002 (the  “IMII Law”)   The Insurance Business (Bailiwick of Guernsey) Law, 2002 (the “Insurance…

In response to operational adaptation that firms are undergoing as a result of restrictions imposed to tackle the spread of Covid-19, the Commission has decided to ease some of the timeframes in the Handbook rules. Specifically, those timeframes relating to the approval of business risk assessments and policies and procedures and for reviews of existing customers have been put back. The changes…

SANCTIONS NOTICE CENTRAL AFRICAN REPUBLIC Please be advised that the United Nations Security Council has added Martin Koumtamadji to the list of individuals and entities subject to restrictive measures, including targeted financial sanctions, under United Nations Security Council Resolution 2399 (2018).    Further details are available here: https://www.un.org/press/en/2020/sc14165.doc.htm…

The Commission is undertaking a short consultation on changes proposed to rules and guidance in the Handbook on Countering Financial Crime and Terrorist Financing (version issued on 29 November 2019) to take into account the Bailiwick of Guernsey’s National Risk Assessment (“NRA”) on money laundering (“ML”) and the financing of terrorism (“FT”) which was published in January 2020. …