Articles from 2023

Guernsey Funds   The total net asset value of Guernsey funds decreased over the quarter by £11.1 billion (-3.7%).  Over the past year, total net asset values have decreased by £12.0 billon (-3.9%).  Open-ended Schemes   Within these totals, Guernsey domiciled open-ended funds decreased over the quarter by £2.8 billion (-5.3%) to £50.8 billion.  This represents a decrease of £3.7 billion (-6.9%) in...

Today a consultation paper has been issued on proposed amendments to Paragraphs 3 and 15 of Schedule 3 to the Criminal Justice (Proceeds of Crime) (Bailiwick of Guernsey) Law, 1999 as amended (“Schedule 3 to the Law”) and associated rules and guidance in the Handbook on Countering Financial Crime and Terrorist Financing in relation to an independent audit function and on business risk assessments...

Please be advised that the UK has now designated all persons designated under the Financial Sanctions Regime for the purposes of the prohibition on providing trust services. NB: This prohibition does not apply to the provision of trust services in cases where an asset freeze is in place. The UK Russia regulations are given effect within the Bailiwick under the Sanctions (Implementation of UK...

Please be advised that an amendment has been made in respect of Ashraf Said Ahmed Hussein ALI who is currently designated under the Global Human Rights (Sanctions) (EU Exit) Regulations 2021 (the UK regulations) and who remains subject to an asset freeze. The amended entry in respect of the individual referred to above appears on the consolidated list, which can be found here . The UK regulations...

Please be advised that an amendment has been made in respect of Alexey Viktorovich Kuzmichev who is currently designated under the Russia (Sanctions) (EU Exit) Regulations 2019 (the UK regulations) and who remains subject to an asset freeze. The amended entry in respect of the individual referred to above appears on the consolidated list, which can be found here . Please also be advised that...

Further to the announcement in our 2021 Annual Report advising of our intention to implement mandatory two-factor authentication (‘2FA’) on our Online Portals for all our regulated entities, we have been working on our background systems. On this basis by 31 May 2023, the Commission intends to switch 2FA on for all Portal Users who have not yet enabled this functionality. 2FA is an additional...

Please be advised that Ali Nourouzi Seyyed Tabatabai Ahmad Karimi Jamal Babamoradi Yahya Ala’oddini Ahmed Zulqadr Alireza Heydarnia have been designated under the Iran (Sanctions) (Human Rights) (EU Exit) Regulations 2019 (the UK regulations). The UK regulations are given effect within the Bailiwick under the Sanctions (Implementation of UK Regimes) (Bailiwick of Guernsey) (Brexit) Regulations...

Today, the Commission issued a Consultation Paper on Retail General Insurers. General, as opposed to life, insurance concerns coverage for house contents, bikes, health costs and so on. Guernsey already offers such insurance on a global basis and aims to grow this business. To support this aim, the Commission intends to develop further the current regulatory regime. This involves a strengthening...