News

National Risk Assessment Workshops

27th August 2020
At the joint presentations on the National Risk Assessment (“NRA”) from the Commission, Policy and Resources Committee and Financial Intelligence Service in February, it was highlighted that the Commission would be running a series of interactive workshops to assist firms in developing their mitigation of the money laundering and terrorist financing risks to their business as identified in the NRA...

Mrs Deborah Anne Ellis

25th August 2020
On the 20th day of August 2020 the Commission imposed a discretionary financial penalty of £14,000 on Deborah Anne Ellis and prohibited her from holding the position of director, controller, partner or manager for a period of 1 year and 5 months. The exemption set out in section 3(1)(g) of the Fiduciaries Law (which would otherwise permit Mrs Ellis to act as a director of not more than six...

Discussion Papers on Ancillary Vehicles and the New Fiduciary Licence Categorisation

20th August 2020
The Guernsey Financial Services Commission has issued today two discussion papers seeking views from interested parties on proposals concerning rules to be made following the States of Deliberation’s approval of the Regulation of Fiduciaries, Administration Businesses and Company Directors, etc (Bailiwick of Guernsey) Law, 2020 (the "2020 Fiduciaries Law") and the Protection of Investors...

Sanctions Notice - Central African Republic

10th August 2020
Please be advised that the UN Security Council Committee concerning the Central African Republic has added Bi Sidi Souleman to its sanctions list, on the basis of his leadership of the CAR militia group, Retour, Réclamation, Réhabilitation (3R). 3R is said to have “killed, tortured, raped, and displaced civilians, and engaged in arms trafficking, illegal taxation activities, and warfare with other...

Commission consults on Fees for 2021

4th August 2020
The Commission today launches a consultation paper on proposals for increasing the licence fees paid by firms (please click here for a copy of the consultation paper). The consultation period will close on Tuesday 15 September.The proposals are for an increase of 2.1% across all sectors, based upon Guernsey’s RPI, together with the introduction of a modest fee for fast track applications of £500...

Sanctions Notice - Al-Qaida / ISIL (Da'esh) Sanctions

31st July 2020
Please be advised that under Council Implementing Regulation (EU) 2020/1124, the EU has added French national Bryan D’Ancona to the EU’s autonomous sanctions regime, which targets those determined to be associated with or providing support to Al-Qaida and ISIL/Da’esh.The EU regime is implemented in Guernsey by the Al-Qaida (Restrictive Measures (Guernsey) Ordinance, 2013.MEASURES WHICH SHOULD BE...

Sanctions Notice - Cyber Crime

31st July 2020
Please be advised that an asset freeze and travel ban have been imposed on six people and three entities under the EU’s cyber sanctions regime.These are the first designations to be made under the regime. Those listed are said to be responsible for or involved in cyber-attacks originating outside the EU with significant or potentially significant effect, which constitute an external threat to the...

Stephen Paul Dewsnip

30th July 2020
The Financial Services Commission (Bailiwick of Guernsey) Law, 1987 (the “Financial Services Commission Law”)The Insurance Business (Bailiwick of Guernsey) Law, 2002 (the “Insurance Law”)Stephen Paul Dewsnip (“Mr Dewsnip”)On 27 July 2020, the Guernsey Financial Services Commission (the “Commission”) decided:1. To impose a financial penalty of £7,000 under section 11D of the Financial Services...

Shane Younger and Christopher Percival

30th July 2020
The Financial Services Commission (Bailiwick of Guernsey) Law, 1987 (the “Financial Services Commission Law”)The Insurance Business (Bailiwick of Guernsey) Law, 2002 (the “Insurance Law”)Global Insurance Group Limited (“GIGL”) Shane Younger (“Mr Younger”) Christopher Percival (“Mr Percival”)On 10 July 2020, the Guernsey Financial Services Commission (the “Commission”) decided:1. To impose a...