Financial Crime

AML/CFT Framework The Financial Crime Division would like to remind firms that the Criminal Justice (Proceeds of Crime) (Bailiwick of Guernsey) (Amendment) Ordinance, 2018 came into effect on 31 March 2019. Consequently, Schedules 3, 4 and 5 to the Criminal Justice (Proceeds of Crime) (Bailiwick of Guernsey) Law, 1999 as amended (“the Law”) have replaced the Criminal Justice (Proceeds of Crime)...

On 30 October 2015, the States of Deliberation approved a Policy Letter submitted by the Policy Council which recommended that the regulatory laws should be updated to reflect current international standards. Representatives of the States of Alderney and the Chief Pleas of Sark had previously indicated their support for the proposals which followed a major public consultation process. More...

The Commission has today issued, in final form, the revised Handbook on Countering Financial Crime and Terrorist Financing. This follows the approval of the Criminal Justice (Proceeds of Crime) (Bailiwick of Guernsey) (Amendment) Ordinance, 2018 by the States of Guernsey during December 2018. The revisions to the rules and guidance in the Handbook, together with the revised legislation, bring the...

The Guernsey Financial Services Commission (“GFSC”) announced on 7 August 2018 its participation in the Global Financial Innovation Network (“GFIN”) ( link to news story) and today GFIN has published two documents: 1) A Press Release confirming the GFIN’s functions and the opening of a 1-month application window for Cross-Border testing 2) GFIN’s Terms of Reference for Membership and Governance...

The Commission is today issuing Instruction Number 03/2018 for Financial Services Businesses and Prescribed Businesses, replacing and repealing Instruction No. 02/2018 issued on 3 August 2018. Changes to Instruction No. 03/2018 include the addition of The Bahamas, Botswana and Ghana. Further details in respect of the inclusion of these three jurisdictions can be found within Part B of the...

The Commission has today issued, in final draft form, the revised Handbook on Countering Financial Crime and Terrorist Financing. This follows publication of The Criminal Justice (Proceeds of Crime) (Bailiwick of Guernsey) (Amendment) Ordinance, 2018 which, once approved by the States of Guernsey, will replace and update the provisions of the two sets of Criminal Justice (Proceeds of Crimes)...

The Commission is pleased to announce the publication of the Code of Market Conduct (“the Code”) following the closing of the consultation period on 12 July 2018. The aim of the Code is to provide guidance on whether or not behaviour amounts to market abuse, in the opinion of the Commission. The Commission would like to express its gratitude to everyone who has provided valuable feedback on the...

The Guernsey Financial Services Commission (“The Commission”) recognises that cyber and information security is a high priority risk area for organisations of all sizes. The Commission considers that all financial services firms and prescribed businesses in the Bailiwick of Guernsey should have a structured approach to managing cyber and information security. Cyber and information security should...

The Commission has today released guidance to assist individuals, and the entities who may employ them, on how to meet the “fit and proper” standard set out in the relevant minimum criteria for licensing. The guidance may be found here. Please note the above article has been archived. Please refer to the latest guidance on Fit and Proper Persons.