News

Over the course of this year, licensees had to change their business working practices rather rapidly due to Covid-19 and for most licensees and their staff this involved moving to home working. Many licensees have since returned to office working although the Commission is aware that a number are continuing to operate some form of home working. The Commission is also aware that one or two...

Introduction On the 30 th of October 2015 the States of Deliberation approved the Policy Letter submitted by the Policy Council on the Revision of the Financial Supervisory and Regulatory Laws. Representatives of the States of Alderney and the Chief Pleas of Sark has previously indicated their support for the proposals which followed a public consultation process, together with the Law Officers of...

The Commission has today updated Appendix I to the Handbook as a result of the outcomes of the FATF plenary held 21-23 October 2020 where it was announced that Iceland and Mongolia are no longer under increased monitoring by FATF. Iceland and Mongolia have strengthened the effectiveness of their AML/CFT regimes and addressed related technical deficiencies to meet the commitments in their...

The GFSC is Participating in the GFIN’s Cross-Border Testing. The GFSC is pleased to be participating in the GFIN’s Cross-Border Testing which launches today, 29 th October 2020. The Global Financial Innovation Network (GFIN) – a group of over 60 international organisations committed to supporting financial innovation in the interests of consumers – is inviting applications from firms to test...

On 12 th October 2020 The Bank of England (“BoE”) published a letter that it had sent to a selection of UK financial services firms. This letter requested feedback in relation to any possible operational implications that firms would encounter if the Bank of England’s Monetary Policy Committee (“MPC”) implemented a zero or negative policy rate. A copy of the letter is available here. Although the...

Please be advised that the EU Council has imposed an asset freeze and travel ban against seven individuals under its Syria sanctions regime. Tala AL –BARAZI, Loubana MOUCHAWEH, Darem TABA'A, Ahmed SAYYED, Tammam RA'AD, Kinan YAGHI and Zuhair KHASIM have been designated under Council Implementing Regulation (EU) 2020/1505. The EU Regulation is implemented in the Bailiwick by the Syria (Restrictive...

Please be advised that the EU Council has imposed an asset freeze and travel ban against one individual under its Libya sanctions regime. Yevgeniy Prigozhin has been designated under Council Implementing Regulation (EU) 2020/1481. The EU Regulation is implemented in Guernsey by the Libya (Restrictive Measures) (Guernsey) Ordinance, 2016. MEASURES WHICH SHOULD BE TAKEN All businesses must check...