News

Sanctions Notice - Russia

2nd March 2022
Please be advised that, in light of recent events in Ukraine, the UK has made some amendments to the Russia (Sanctions) (EU Exit) Regulations 2019 (the UK Russia regime). The UK Russia regime is implemented in the Bailiwick by the Sanctions (Implementation of UK Regimes) (Bailiwick of Guernsey) (Brexit) Regulations, 2020 (the Bailiwick regulations). The amendments to the UK Russia regime introduce...

Sanctions Notice - Russia

1st March 2022
Please be advised that six persons have been designated under the Russia (Sanctions) (EU Exit) Regulations 2019 (the UK regulations); these are given effect within the Bailiwick under the Sanctions (Implementation of UK Regimes) (Bailiwick of Guernsey) (Brexit) Regulations, 2020 that have been made under the Sanctions (Bailiwick of Guernsey) Law, 2018 (the Sanctions Law). The following persons are...

Sanctions Notice - Russia

1st March 2022
Please be advised that three entities have been designated under the Russia (Sanctions) (EU Exit) Regulations 2019 (the UK regulations); these are given effect within the Bailiwick under the Sanctions (Implementation of UK Regimes) (Bailiwick of Guernsey) (Brexit) Regulations, 2020 that have been made under the Sanctions (Bailiwick of Guernsey) Law, 2018 (the Sanctions Law). The following persons...

Sanctions Notice - Russia - Further measures

25th February 2022
Please be advised that, following Russia’s invasion of the Ukraine, further sanctions measures are expected to be introduced in addition to the designations already made this week. In addition to new measures being introduced by the UK, all of which are automatically applicable within the Bailiwick, amendments to previous listings have been and may continue to be issued. All businesses are...

Sanctions Notice - Russia

24th February 2022
Please be advised that five natural persons and six legal entities have been designated under the Russia (Sanctions) (EU Exit) Regulations 2019 (the UK regulations); these are given effect within the Bailiwick under the Sanctions (Implementation of UK Regimes) (Bailiwick of Guernsey) (Brexit) Regulations, 2020 that have been made under the Sanctions (Bailiwick of Guernsey) Law, 2018 (the Sanctions...

Some Factors for Financial Services Firms to Consider in light of the War between the Ukraine and the Russian Federation

24th February 2022
The Commission is monitoring the situation and has been, through its 2021 thematic work on sanctions screening and other interactions, encouraging firms to prioritise their sanctions monitoring and assessment of sanctions risks. The Commission requests that all firms check whether they maintain any accounts or otherwise have any kind of relationship with the persons referred to in sanctions...

Sanctions Notice - Russia

22nd February 2022
Please be advised that three natural persons and five legal entities have been designated under the Russia (Sanctions) (EU Exit) Regulations 2019 (the UK regulations); these are given effect within the Bailiwick under the Sanctions (Implementation of UK Regimes) (Bailiwick of Guernsey) (Brexit) Regulations, 2020 that have been made under the Sanctions (Bailiwick of Guernsey) Law, 2018 (the...

Sanctions Notice - Somalia

22nd February 2022
Please be advised that Ali Mohamed Rage has been designated under the Somalia (Sanctions) Regulations 2021 (the UK regulations). The UK regulations are given effect within the Bailiwick under the Sanctions (Implementation of UK Regimes) (Bailiwick of Guernsey) (Brexit) Regulations, 2020 that have been made under the Sanctions (Bailiwick of Guernsey) Law, 2018 (the Sanctions Law). MEASURES WHICH...

Sanctions Notice - Russia

11th February 2022
This sanctions notice is issued to advise industry about the effect of recent changes to the UK's financial sanctions regime regarding Russia. The UK changes amend the Russia (Sanctions) (EU Exit) Regulations 2019 (the UK regulations). Their effect is to widen the criteria for designation under the UK regulations so that the criteria now include persons who have been involved in obtaining a...

Commission Issues Thematic Review on Reinsurance and Other Forms of Risk Transfer

9th February 2022
The Commission has today issued its report on the thematic review of reinsurance and other forms of risk transfer by licensed insurers. The review was undertaken during the latter part of 2021. A copy of the thematic review can be found by clicking here. Broadly, the thematic review uncovered a number of areas of good practice, for example where some firms have high quality reinsurance contracts...