Fiduciary

Please be advised of changes to sanctions listings related to Libya, Somalia and Syria which have automatic and immediate effect in the Bailiwick. Measures which should be taken as a result are set out at the end of this notice. LIBYA Council Regulation (EU) No. 204/2011 of 2 March 2011, as implemented in the Bailiwick by the Libya (Restrictive Measures) (Guernsey) Ordinance, 2011, the Libya...

The Group of International Finance Centre Supervisors (“GIFCS”) has today launched a new benchmark for the regulation of Trust and Corporate Service Providers (“TCSPs”). Guernsey has been a champion of this new approach which has seen the GIFCS working group which developed the new standard being chaired by the Commission’s General Counsel, Philip Nicol-Gent. Mr Nicol-Gent said “This is an...

​Please be advised of the following changes to sanctions listings related to the Al-Qaida network which have immediate effect in the Bailiwick. Further to the Sanctions Notice issued on 24th September 2014 about United Nations listings for 14 individuals and 2 entities associated with extremist groups in Iraq and Syria, these individuals and entities have now been added to the list maintained by...

The Commission is today issuing Instruction Number 05/2014 for Financial Services Businesses and Prescribed Businesses, copies of which can be accessed on the FC&A section of the Commission’s website: Instruction No. 05/2014 for Financial Services Businesses and Instruction No. 05/2014 for Prescribed Businesses 7 October 2014

​The regulatory laws provide that a licence or registration application shall contain or be accompanied by such other information or documents as the Commission may reasonably require, for the purpose of determining the application. Business Risk Assessments (“BRAs”) The Financial Action Task Force (“FATF”) 2012 Recommendations (“the Recommendations”) place even greater emphasis on the importance...

​The Commission is today issuing Instruction (Number 04/2014) for both financial services businesses and prescribed businesses. The instruction has been issued as a result of amendments made to the legislation surrounding the reporting of suspicion. The existing Handbooks are in the course of being reviewed and therefore to minimise the impact, and to avoid reprinting the full Handbook while the...

​The Commission is today issuing Instruction 03/2014 for both financial services businesses and prescribed businesses. The instruction has been issued as a result of amendments made to the sanctions measures against Afghanistan and Al-Qaida to impose a reporting requirement on businesses. The existing Handbooks are in the course of being reviewed and therefore to minimise the impact, and to avoid...

The Commission is today issuing Instruction (Number 02/2014) for Financial Services Businesses and Prescribed Businesses, copies of which can be accessed on the FC&A Section of the Commission's website. The log of Business from Sensitive Sources & Notices document has been updated to enable identification of the changes applied. Instruction (Number 02/2014) for Financial Services Businesses...

The Financial Services Commission (Bailiwick of Guernsey) Law, 1987, as amended (“the Financial Services Commission Law”) The Regulation of Fiduciaries, Administration Businesses, Company Directors, etc (Bailiwick of Guernsey) Law, 2000, as amended (“the Fiduciaries Law”) The Criminal Justice (Proceeds of Crime) (Financial Services Businesses) (Bailiwick of Guernsey) Regulations, 2007 (“the...