News

MONEYVAL has released a report titled "Money laundering and terrorism financing trends in MONEYVAL jurisdictions during the COVID-19 crisis”, which can be accessed directly on the MONEYVAL website . The report is based upon input from MONEYVAL members, including Guernsey.

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...

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...

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...

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...

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...

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...

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...