News

Please be advised that the following individuals and entity have been designated under the Syria (Sanctions) (EU Exit) Regulations 2019 (the UK regulations): Saleh AL ABDULLAH Nasser Deeb DEEB Ahmad Khalil KHALIL Issam SHAMMOUT SANAD PROTECTION AND SECURITY SERVICES The UK regulations are given effect within the Bailiwick under the Sanctions (Implementation of UK Regimes) (Bailiwick of Guernsey)...

Please be advised that 41 individuals and 1 entity have been designated under the Russia (Sanctions) (EU Exit) Regulations 2019 (the UK regulations). The names of these individuals and entities are available here: Notice_Russia_260722.pdf (publishing.service.gov.uk) The UK regulations are given effect within the Bailiwick under the Sanctions (Implementation of UK Regimes) (Bailiwick of Guernsey)...

The Commission has today issued amendments to the country lists in Appendix C and Appendix I of the Handbook on Countering Financial Crime and Terrorist Financing reflecting the Financial Action Task Force’s updated list of jurisdictions under increased monitoring, which now includes Gibraltar. The amendments include the removal of Gibraltar from the list of equivalent jurisdictions in Appendix C...

The Commission has today published a Consultation Paper setting out the Commission’s Rules and approach for regulating the sectors covered by The Lending, Credit and Finance (Bailiwick of Guernsey) Law, 2022, and is seeking feedback on its proposed Rules and approach. The purpose of the new Law, which was passed by the States of Guernsey on 14 July 2022, is to protect customers in the Bailiwick...

The Commission today launches a consultation paper on proposals for increasing the licence fees paid by firms. The consultation period will close on Wednesday 14 September. The consultation paper is available on the Commission’s Consultation Hub. The Commission is consulting on an overall increase in fees of 9%. Other specific proposals to change fees are outlined in the consultation paper and...

Please be advised that UK has enacted the Russia (Sanctions) (EU Exit) (Amendment) (No. 12) Regulations 2022 (the No.12 regulations). The No.12 regulations amend the Russia (Sanctions) (EU Exit) Regulations 2019 (the UK regulations), which are given effect within the Bailiwick under the Sanctions (Implementation of UK Regimes) (Bailiwick of Guernsey) (Brexit) Regulations, 2020 that have been made...

ITI Trade Limited (trading as ITI Trade LTD.) (“the Company”) On 18 July 2022, the Guernsey Financial Services Commission, acting pursuant to powers granted to it under the Financial Services Business (Enforcement Powers) (Bailiwick of Guernsey) Law, 2020, made an application to the Royal Court for an administration management order in relation to the Company, a company licensed under the...

ITI Trade Limited (“the Company”), Registration No. 59198 NOTICE IS HEREBY GIVEN pursuant to section 82(5)(b) of the Financial Services Business (Enforcement Powers) (Bailiwick of Guernsey) Law, 2020 that at 10am on the 18th day of July 2022 application will be made to the Royal Court for an administration management order in relation to the Company.

Please be advised that the UK authorities have issued a 'Red Alert' on financial sanctions evasion typologies by Russian elites and enablers. The alert is available via Red Alert - Financial Sanctions Evasion Typologies: Russian Elites and Enablers (nationalcrimeagency.gov.uk). Its purpose is to provide information from law enforcement and the legal and financial services sectors on some of the...

On 24 June 2022 the Commission imposed a discretionary financial penalty on Artemis Trustees Limited of £450,000. The above sanction was imposed on Artemis Trustees Limited as a result of their failure to meet the minimum criteria for licensing under The Regulation of Fiduciaries, Administration Businesses and Company Directors, etc. (Bailiwick of Guernsey) Law, 2020. More details to follow in due...