News

Please be advised that one individual has been designated under the Isil (Da’esh) and Al- Qaida (United Nations Sanctions) (EU Exit) Regulations 2019; these are implemented in the Bailiwick by the Sanctions (Implementation of UK Regimes) (Bailiwick of Guernsey) (Brexit) Regulations, 2020. These sanctions are intended to ensure compliance with the relevant UN obligations under UNSCR 2368. The...

Please be advised that three entities have been designated under the Myanmar (Sanctions) Regulations 2021; these are implemented in the Bailiwick by the Sanctions (Implementation of UK Regimes) (Bailiwick of Guernsey) (Brexit) Regulations, 2020 as amended. The following entities have now been added to the consolidated list, which can be found here , and are now subject to an asset freeze: Myanmar...

Please be advised that JSC AGAT Electromechanical Plant has been designated under the Republic of Belarus (Sanctions) (EU Exit) Regulations 2019. These regulations are given effect within the Bailiwick under the Sanctions (Implementation of UK Regimes) (Bailiwick of Guernsey) (Brexit) Regulations, 2020. JSC AGAT Electromechanical Plant is subject to an asset freeze and will appear on the...

As we have worked on some current enforcement matters it has become apparent to us that we will be taking some cases forward seeking pecuniary sanctions where there is some wrongdoing before 13th November 2017 and some wrongdoing after 13th November 2017. Our intent in relation to such matters is not clearly covered by the Guidance Note on the Commission’s general approach to Enforcement issued in...

The Commission today launches a consultation paper on proposals for increasing the licence fees paid by firms. The consultation period will close on Wednesday 8 September. The Commission’s consultation paper is available here. Feedback may be provided via the Consultation Hub section of the Commission’s website: https://consultationhub.gfsc.gg Taking into account the Commission’s current and...

The Financial Crime Risk Return (the “FCRR”) for the reporting period 1 July 2020 to 30 June 2021 will be available for completion on the Online Submissions Portal on 13 July 2021. The submission deadline is 31 October 2021. Following the Commission's previous announcements and after consultation with industry, updates made to the 2021 FCRR include: Additional reporting on suspicious activity and...

The Commission has today amended the Guernsey Green Fund Rules making two liberalisations based on industry feedback gathered during our thematic review of the Guernsey Green Fund Regime published in March. These amendments were consulted on as part of the Commission’s Spring Green Consultation, issued on 11 March 2021. Responses to the Spring Green Consultation Paper were largely supportive and a...

The Commission has today issued amendments to the country lists in Appendix C and Appendix I of the Handbook on Countering Financial Crime and Terrorist Financing reflecting the Financial Action Task Force’s updated list of jurisdictions under increased monitoring, which includes Malta, Haiti, the Philippines and South Sudan. The amendments include the removal of Malta from the list of equivalent...