Articles from 2023

Please be advised that the UK’s Office of Financial Sanctions Implementation (OFSI) has published a blog post in relation to the prohibition on the provision of trust services under the Russia (Sanctions) (EU Exit) Regulations 2019 (the UK regulations). The blog post, which is available here: Trust Services Sanctions – 5 months on - OFSI (blog.gov.uk), contains guidance on the approach taken by...

The Commission has today published its 2022 annual report and financial statements. In the annual report, the Commission discusses: the increased risks faced by the financial services sector as a result of high inflation and rising interest rates; its continued development of digital technology to enhance performance; its work with Guernsey Finance and others to develop the Bailiwick’s proposition...

Please be advised that an amendment has been made to the details in respect of Vladimir Nikolaevich Lepin Dmitry Vladimirovich Konov who are currently designated under the Russia (Sanctions) (EU Exit) Regulations 2019 (the UK regulations) and remain subject to an asset freeze. The revised entries in respect of the persons referred to above appear on the consolidated list, which can be found here...

Please be advised that ABDULLAHI OSMAN MOHAMED CADDOW has been designated under the Somalia (Sanctions) (EU Exit) Regulations 2020 (the UK regulations). The UK regulations are given effect within the Bailiwick under the Sanctions (Implementation of UK Regimes) (Bailiwick of Guernsey) (Brexit) Regulations, 2020 that have been made under the Sanctions (Bailiwick of Guernsey) Law, 2018 (the Sanctions...

Additional Question The 2023 Fiduciary Annual Return, which will be available on licensees' timelines on 27 May 2023, includes the following additional question: Breakdown of business by geography for trusts, foundations, companies and partnerships. Currently fiduciary licensees are required to identify the country of residence of the settlor of a trust, the founder of a foundation or the...

Following publication by the Royal Court, we are making available the judgment of the Deputy Bailiff given in response to Mr Kelham’s appeal against the sanctions imposed on him by the Commission’s Senior Decision Maker. Those sanctions were covered separately in the public statement we issued on 18 May 2023 following Mr Kelham’s decision not to further appeal the matter. This appeal hearing was...

Please be advised that an amendment has been made to the details in respect of Ilya Iosifovich Klebanov Valery Pavlinovich Shantsev AFK Sistema Nikolaevich Lepin who are currently designated under the Russia (Sanctions) (EU Exit) Regulations 2019 (the UK regulations) and remain subject to an asset freeze and trust services sanctions. The revised entries in respect of the persons referred to above...

The Commission has made the Financial Crime Returns Rules which make mandatory the filing of the annual financial crime risk return, the annual intermediaries return and the quarterly financial flows return. We have also issued feedback on the consultation which we ran earlier this year. The Commission is taking a phased approach to the introduction of a fining penalty for late or inaccurate...

Please be advised that 42 individuals and 44 entities have been designated under the Russia (Sanctions) (EU Exit) Regulations 2019 (the UK regulations). Details of the individuals and entities are available here - Notice_Russia_190523.pdf. The UK regulations are given effect within the Bailiwick under the Sanctions (Implementation of UK Regimes) (Bailiwick of Guernsey) (Brexit) Regulations, 2020...