News

The Commission has issued its report on the thematic review of cash management and control of funds by licensed insurers. The review was undertaken during the latter part of 2019. A copy of the thematic review can be found by clicking here. Broadly, the thematic review uncovered a number of areas of good practice, for example in maintaining appropriate signatory lists and having adequate policies...

Please be advised that the United Nations Security Council has added one entry to the list of individuals and entities subject to restrictive measures, including targeted financial sanctions, under United Nations Security Council Resolution 1267. Further details are available here: https://www.un.org/press/en/2020/sc14097.doc.htm Under section 13 of the Sanctions (Bailiwick of Guernsey) Law, 2018...

The Guernsey Financial Services Commission ("GFSC") was pleased to note the recent political agreement reached between the European Council and the European Parliament on an EU-wide classification system, or "Taxonomy", which will provide businesses and investors with a common language to identify what economic activities can be considered environmentally sustainable. The detailed criteria...

The Commission is pleased to announce that, following a comprehensive recruitment process, Charisma Lyall has been appointed as the Commission’s next General Counsel. Charisma will be replacing Philip Nicol-Gent who will be returning to the UK later this year having worked in the island for the past twenty years. Philip has been the Commission’s General Counsel for six and a half years and prior...

Council Regulation (EU) 269/2014, as implemented by the Territorial Integrity etc. of Ukraine (Restrictive Measures) (Guernsey) Ordinance 2014, the Territorial Integrity etc. of Ukraine (Restrictive Measures) (Alderney) Ordinance 2014 and the Territorial Integrity etc. of Ukraine (Restrictive Measures) (Sark) Ordinance 2014, has been amended by Council Implementing Regulation (EU) No 2020/119. The...

Council Regulation (EU) 101/2011, as implemented in the Bailiwick by the Tunisia (Freezing of Funds) (Guernsey) Ordinance 2011, the Tunisia (Freezing of Funds) (Alderney) Ordinance 2011 and the Tunisia (Freezing of Funds) (Sark) Ordinance 2011, has been amended by Council Implementing Regulation (EU) 2020/115. The Implementing Regulation, which is automatically and immediately effective in the...

Council Regulation (EU) No 2017/1770, as implemented in the Bailiwick by the Mali (Restrictive Measures) (Guernsey) Ordinance, 2017, has been amended by Council Implementing Regulation (EU) No 2020/8. The effect of the amendments, which are automatically and immediately effective in Guernsey, is to add five persons to the list of persons subject to an asset freeze and other financial restrictions...

Please be advised, that with effect from January 2020, the Commission will be introducing exit interviews for individuals who held the position of MLRO and/or MLCO with a Bank or Fiduciary firm. This is a six month pilot initiative, and following our risk based approach, will apply only to individuals who have departed from a MLRO or MLCO position at a Fiduciary or Bank Licensee since the start of...