News

Please be advised that the United Nations Security Council has removed one entry from 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/2019/sc14014.doc.htm Under section 13 of the Sanctions (Bailiwick of Guernsey) Law...

The Commission has today issued, in final form, the revised Handbook on Countering Financial Crime and Terrorist Financing ("the Handbook"). The Commission has revised the Handbook, in order to allow firms to advance work on revising their business risk assessments and policies, procedures and controls to take account of the provisions of Schedule 3 and the rules and guidance in the Handbook...

Council Regulation (EU) No 1755/2015, as implemented in the Bailiwick by the Burundi (Restrictive Measures) (Guernsey) Ordinance, 2015, the Burundi (Restrictive Measures) (Alderney) Ordinance, 2016 and the Burundi (Restrictive Measures) (Sark) Ordinance 2015, has been amended by Council Implementing Regulation (EU) 2019/1779. The Regulation is available here: Council Implementing Regulation (EU)...

The Financial Services Commission (Bailiwick of GUernsey) Law, 1987 ("the Financial Services Commission Law") The Regulation of Fiduciaries, Administration Businesses and Company Directors, etc (Bailiwick of Guernsey) Law, 2000 ("the Fiduciaries Law") Certes Capital Limited (formerly Marlborough Pension Trustees Limited) ("Certes") On 18 October 2019, the Guernsey Financial Services Commission (...

Please be advised that one entry has been removed from the list of individuals and entities associated with ISIL (Da’esh) and Al-Qaida maintained by the European Union under Council Regulation (EC) No 881/2002 by Council Implementing Regulation (EU) No 2019/1717. These changes are automatically effective in the Bailiwick under the Al-Qaida (Restrictive Measures) (Guernsey) Ordinance, 2013, the Al...

The Commission has today issued proposals to amend the transitional rules in the Handbook on Countering Financial Crime and Terrorist Financing regarding the timeframes for firms to update their Business Risk Assessments and Policies, Procedures and Controls, which take into account the revised timeframe for the publication of the Bailiwick’s National Risk Assessment. There are no changes proposed...

The Commission wishes to remind all financial services and prescribed businesses (with the exception of personal fiduciary licensees) that the Financial Crime Risk Return (“the Return”) is due for submission by 31 October 2019. The Return can be found through the Commission’s Online Submissions Portal, located here: https://submit.gfsc.gg/ Further information on the background to the Return, as...

Section 3(1)(y) of The Regulation of Fiduciaries, Administration Businesses and Company Directors, etc. (Bailiwick of Guernsey) Law, 2000 After due consideration, the Commission will be amending our approach to specific discretionary exemptions (an “exemption”) in two ways: 1) To clarify the extent of an exemption. An exemption will only apply to the specific regulated activity in relation to the...

Council Regulation (EU) No 2017/2063, as implemented in the Bailiwick by the Venezuela (Restrictive Measures) (Guernsey) Ordinance, 2017, has been amended by Council Implementing Regulation (EU) No 2019/1586. The effect of the amendments, which are automatically and immediately effective in Guernsey, is to add seven persons to the list of persons subject to an asset freeze and other financial...