Articles from 2017

“The Regulation of Fiduciaries, Administration Businesses and Company Directors, etc. (Bailiwick of Guernsey) (Pensions Amendment) (No.2) Regulations, 2017 (“the Regulation”) has been approved by the Policy and Resources Committee amending the definition of “gratuity scheme” contained within section 2(1)(e) of the Regulation of Fiduciaries, Administration Businesses and Company Directors, etc...

The consultations by the Policy and Resources Committee and the Guernsey Financial Services Commission on proposed revisions to the Proceeds of Crime legal and regulatory framework, have closed with more than 70 responses from across the financial and professional services sector. The draft revisions to the Criminal Justice (Proceeds of Crime) (Bailiwick of Guernsey) Law, 1999, the two sets of...

By way of background, Initial Coin Offerings (“ICOs”) are a method of raising funds by the issuance of digital tokens or digital coins in a virtual currency. The operators of the ICO may explain that the proceeds are to be used to fund the development of a project which might itself be a form of digital service or associated software. Although no such schemes have been noted to have been launched...

Council Regulation (EU) No 2017/1509, as implemented in the Bailiwick by the North Korea (Restrictive Measures) (Guernsey) Ordinance, 2017, the North Korea (Restrictive Measures) (Alderney) Ordinance, 2017, and the North Korea (Restrictive Measures) (Sark) Ordinance, 2017, has been amended by Council Implementing Regulation (EU) No 2017/1568. The effect of the amendments, which are automatically...

This Notice is issued further to a previous Sanctions Notice issued in relation to the deletion of an individual from the list of persons associated with ISIL (Da’esh) and Al-Qaida maintained under United Nations Security Council Resolution 1267. Please be advised that a corresponding change has now been made to the list maintained by the European Union under Council Regulation (EC) No 881/2002...

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 Regulation (EU) No 2017/1547. The effect of...

Council Regulation (EU) No 2017/1509, as implemented in the Bailiwick by the North Korea (Restrictive Measures) (Guernsey) Ordinance, 2017, the North Korea (Restrictive Measures) (Alderney) Ordinance, 2017, and the North Korea (Restrictive Measures) (Sark) Ordinance, 2017, has been amended by Council Regulation (EU) No 2017/1548. The amending Regulation is available here: Council Regulation (EU)...

Please be advised that the United Nations Security Council has deleted one individual from the list of persons associated with ISIL (Da’esh) and Al-Qaida maintained under United Nations Security Council Resolution 1267. All persons on the list are subject to restrictive measures which include targeted financial sanctions. Further details are available here: https://www.un.org/press/en/2017/sc12987...

Last week, Guernsey’s Financial Services Commission hosted a series of meetings which were being held in Guernsey by the International Organisation of Securities Commission’s Committee 4 and Screening Group. Representatives from 29 countries attended the meetings. The meetings took place during the 5-7 September and amongst the subjects discussed were the current global threats and the standards...