Financial Crime

This morning the Policy & Resources Committee approved “The Investor Protection (Designated Countries and Territories) (Bailiwick of Guernsey) Regulations, 2017” (“the regulations”). The regulations are in force from today. These regulations designate certain countries and territories for the purposes of s29(1)(cc) of the Protection of Investors (Bailiwick of Guernsey) Law 1987. The effect of this...

The Commission has today published “ The Pension Licensees (Conduct of Business) & Domestic and International Pension Scheme and Gratuity Scheme Rules (No. 2) 2017 ” (please click here) , which replaces the earlier version, published last month, which required some minor amendments.

The Commission today launches a consultation paper (please click here for a copy) on its proposals for the 2018 licence fees paid by firms. The consultation period will close on Friday 8th of September. An overall blended rate of increase of 3%, excluding anomalies, is proposed for 2018. Commission Chairman, Drs Cees Schrauwers, said: "For five years the Commission has kept the average fee...

Introduction The Commission is today seeking feedback and assistance from the financial services industry specifically on whether the provisions of the Enforcement Law may have any unintended consequences or fatal flaws. What the engagement is not about The Commission has engaged with the financial services industry through the issuing of a discussion paper and later through a full consultation...

The Commission is today issuing Instruction Number 03/2017 for Financial Services Businesses and Prescribed Businesses replacing Instruction No. 02/2017 issued on 10 April 2017. Afghanistan and Lao PDR have been removed from the list of countries and jurisdictions subject to the Instructions. Further detail about the removal of Afghanistan and Lao PDR can be found within the Instructions. The...

The Commission is today issuing Instruction Number 02/2017 for Financial Services Businesses and Prescribed Businesses replacing Instruction No. 01/2016 issued on 25 January 2017. Ethiopia has now been added to Part B of the Instructions, which lists countries and territories with Improving Global AML/CFT Compliance, following concerns about the lack of effective implementation of an adequate AML...

The Commission is today issuing Instruction Number 01/2017 for Financial Services Businesses and Prescribed Businesses replacing Instruction No. 02/2016 issued on 1 August 2016. Haiti has been included within the Instruction following concerns identified by the Caribbean Financial Action Task Force as a result of an evaluation during April 2015. Firms must ensure that enhanced customer due...

The Commission wishes to draw licensees' attention to the current military action in Iraq and Syria and the associated funding of the extremist insurgency group, Islamic State in Iraq and the Levant ("ISIL"). Reports suggest that ISIL is acquiring military hardware leftover from the Libyan conflict which is being transported to Iraq and Syria through neighbouring jurisdictions such as Jordan, or...

The Commission wishes to remind all financial services and prescribed businesses, together with personal fiduciary licence holders, that the Financial Crime Risk Return is due for submission by 31 October 2016. The Return can be found through the Commission’s Online Submissions Portal, located here: https://submit.gfsc.gg/ Further information on the background to the Return, as well as guidance on...