News

Sanctions Notice - Somalia

2nd March 2021
Please be advised that three individuals have been designated by the UN under the Somalia sanctions regime. These sanctions are automatically effective in the UK under the Somalia (Sanctions) (EU Exit) Regulations 2019, which are implemented in the Bailiwick by the Sanctions (Implementation of UK Regimes) (Bailiwick of Guernsey) (Brexit) Regulations, 2020. The following individuals have been...

Sanctions Notice - Yemen

1st March 2021
Please be advised that 1 new designation has been made under the Yemen (Sanctions) (EU Exit) Regulations 2019. This regime is implemented in the Bailiwick by the Sanctions (Implementation of UK Regimes) (Bailiwick of Guernsey) (Brexit) Regulations, 2020. These sanctions were enacted for the purposes of promoting the peace, stability and security of Yemen, the political transition and peaceful...

Sanctions Notice - Burma/Myanmar

25th February 2021
Please be advised that 5 new designations have been made under the Burma (Sanctions) (EU Exit) Regulations 2019. This regime is implemented in the Bailiwick by the Sanctions (Implementation of UK Regimes) (Bailiwick of Guernsey) (Brexit) Regulations, 2020. These sanctions were enacted for the purposes of encouraging the Myanmar security forces to comply with international human rights law and to...

Online Submissions Portal upgrade

22nd February 2021
Online Submissions ("OS") upgrade The Online Submissions ("OS") Portal upgrade has been completed. If you are a an OS user you will notice changes to the portal and may have already noticed that your forms have changed over the last 18 months. More details about the new OS features can be found in the guidance note on our website by clicking here. We trust that the changes we have made will...

Sanctions Notice - Belarus

19th February 2021
Please be advised that 27 new designations have been made under the Republic of Belarus (Sanctions) (EU Exit) Regulations 2019. This regime is implemented in the Bailiwick by the Sanctions (Implementation of UK Regimes) (Bailiwick of Guernsey) (Brexit) Regulations, 2020. These sanctions were enacted for the purposes of encouraging the Government of Belarus to respect democratic principles and...

Sanctions Notice - Burma/Myanmar

19th February 2021
Please be advised that 3 new designations have been made under the Burma (Sanctions) (EU Exit) Regulations 2019. This regime is implemented in the Bailiwick by the Sanctions (Implementation of UK Regimes) (Bailiwick of Guernsey) (Brexit) Regulations, 2020. These sanctions were enacted for the purposes of encouraging the Myanmar security forces to comply with international human rights law and to...

Exit Interviews for MLROs and MLCOs

15th February 2021
Following a pilot exercise in 2020, the Commission has made permanent and extended to all sectors its exit interview programme for individuals who held Money Laundering Reporting Officer and/or Money Laundering Compliance Officer roles. The pilot initially applied to the banking and fiduciary sectors as the Bailiwick’s highest risk sectors for money laundering and terrorist financing and was...

The Cyber Security Rules and Guidance, 2021

15th February 2021
The Commission is today publishing Cyber Security Rules and Guidance under The Protection of Investors (Bailiwick of Guernsey) Law, 1987; The Banking Supervision (Bailiwick of Guernsey) Law, 1994; The Regulation of Fiduciaries, Administration Businesses and Company Directors, etc (Bailiwick of Guernsey) Law, 2000; The Insurance Business (Bailiwick of Guernsey) Law, 2002 and The Insurance Managers...

Handbook on Countering Financial Crime and Terrorist Financing

15th February 2021
The Commission has today updated the Handbook following the December consultation regarding changes to rules and guidance in Chapters 3 and 7 on the risk-based approach and on legal persons and legal arrangements. Updates have also been made to Chapter 12 on international sanctions to reflect the new mechanism for the implementation of UN and UK sanctions in Guernsey following Brexit. The revised...

Commission allows more time for firms to complete regulatory returns

9th February 2021
The Commission is today stating that late filing fees will not be applied in respect of all regulatory returns that are due to be submitted between now and the end of June provided they are submitted within two months of the original deadline. Although the timelines on the Commission’s Online returns portal for returns will not be altered so the original dates will still show, the Commission will...