Global Insurance Group Limited, Christopher Schofield, Andrew William Robert

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”)Christopher Schofield (“Mr Schofield”)Andrew William Robert (“Mr Robert”)On 8 June 2020, the Guernsey Financial Services Commission (the “Commission”) decided:1. To impose a...

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

17th July 2020
Please be advised that the United Nations Security Council Committee has added one individual to the ISIL (Da'esh) and Al-Qaida Organisations financial sanctions regime. Noor Wali Mehsud has been added to the consolidated list and is subject to an asset freeze. Under section 13 of the Sanctions (Bailiwick of Guernsey) Law, 2018 (the Sanctions Law), this amendment is deemed to have been made to the...

Sanctions Notice - Global Human Rights

14th July 2020
Please be advised that following the United Kingdom’s issue of the Global Human Rights Sanctions Regulations 2020, the States of Guernsey has made the Global Human Rights Sanctions (Bailiwick of Guernsey) Regulations, 2020The Regulations impose asset freezes to deter those who are, or have been, involved in human rights’ violations. 47 individuals and 2 entities have been designated under the...

Shane Younger and Christopher Percival

14th July 2020
On the 10th day of July 2020 the Commission has imposed discretionary financial penalties on the following parties:-£48,650 on Shane Younger; and£30,100 on Christopher PercivalAs a result of failures to meet the Minimum Criteria for Licensing in respect of Schedule 7 of The Insurance Business (Bailiwick of Guernsey) Law, 2002.More details to follow in due course.

March Quarter 2020 Investment Statistics

9th July 2020
First Quarter 2020Guernsey Funds The total net asset value of Guernsey funds has increased in Sterling terms during the last quarter by £5.5 billion (2.4%) to £233.2 billion. Over the past year, total net asset values have increased by £16.4 billion (7.6%). Open-ended Schemes Within these totals, Guernsey domiciled open-ended funds decreased over the quarter by £1.6 billion (-3.5%) to £44.7...

Funds Growth Omnibus Discussion Paper

7th July 2020
The Guernsey Financial Services Commission has issued today a discussion paper making proposals aimed at ensuring that the Guernsey funds framework remains fit for purpose while helping to create opportunities for growth. Amongst other proposals to increase efficiency and clarity, the discussion paper proposes widening the formation options for Private Investment Funds.Commenting on the discussion...

Commission issues Thematic Review on Source of Funds / Source of Wealth in the Private Wealth Management sector

7th July 2020
The Commission has today issued its report on the thematic review of source of funds / source of wealth in Guernsey’s private wealth management sector. The review was undertaken during the second half of 2019. A copy of the thematic review can be found by clicking here. Whilst the review focused on sectors identified in Bailiwick of Guernsey’s National Risk Assessment as being most exposed to the...

Sanctions Notice - UK Sanctions: Global Human Rights

7th July 2020
Please be advised that on 6 July, the United Kingdom made the Global Human Rights Sanctions Regulations 2020, which comprise the first UK sanctions regime to operate under the UK's Sanctions and Anti-Money Laundering Act 2018 (Sanctions Act).The Regulations impose asset freezes to deter those who are, or have been, involved in human rights’ violations. 47 individuals and 2 entities have been...

Home working - Information Security Risks

7th July 2020
The COVID 19 pandemic resulted in many licensees being unable to operate in their usual office environments. Entering Phase 5, a return to normal activity in the Bailiwick, has seen many licensees return to their offices but we are conscious that adoption of home working has accelerated. Information security risks can increase with home working and therefore we are highlighting a non-exhaustive...

Exit Interviews for MLROs and MLCOs

6th July 2020
Further to the news release of 8 January 2020, referring to the introduction of exit interviews for individuals who held the position of MLRO and/or MLCO with a bank or fiduciary firm, the Commission has decided to extend the pilot initiative until the end of December 2020. The initiative has proved useful and has provided supervisory staff with a greater understanding of the MLRO/MLCO role(s)...