Financial Crime

A number of changes have been made to the sanctions regimes in place regarding ISIL (Da’esh) and Al-Qaida. Further to previous Sanctions Notices issued in relation to the addition of five individuals to the list of persons associated with ISIL (Da’esh) and Al-Qaida maintained under United Nations Security Council Resolution 1267,and the removal of one individual from that list, corresponding...

A number of amendments have been made to the sanctions regime imposed by Council Regulation (EC) No 329/2007, as implemented in the Bailiwick by the North Korea (Restrictive Measures) (Guernsey) Ordinance, 2007, the North Korea (Restrictive Measures) (Alderney) Ordinance, 2007, and the North Korea (Restrictive Measures) (Sark) Ordinance, 2007. These amendments are automatically and immediately...

HM Treasury has renewed the final designation of one individual under the Terrorist Asset-Freezing etc. Act 2010. The individual therefore remains a Designated Person for the purposes of the Act. Details of the individual are available here: https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/521530/TAFA_Renewal_Notice_050516v2.pdf HM Treasury has also allowed the designation...

​As of 1 July 2016 the Financial Crime Risk Return (“the FCR Return”) will become available for all firms to complete on the Commission’s Online Submissions Portal. The Commission would remind all licence holders and registered businesses that the deadline for completion of the FCR Return is 31 October 2016. No changes have been made to the FCR Return and the manner of completion remains the same...

A Thematic Report on Financial Crime Training is now available: Thematic Report

​Guernsey’s financial services regulator has published a consultation paper following a decision made by the States of Guernsey in January of this year to increase the discretionary financial penalties which the Commission is able to apply in cases where there have been serious regulatory shortcomings (Billet d’Etat V of 2016 https://www.gov.gg/CHttpHandler.ashx?id=99971&p=0 ). The legislation...

ISIL (DA’ESH) AND AL-QAIDA NETWORK This Notice is issued further to the addition of five natural persons to the list of persons associated with ISIL (Da’esh) and Al-Qaida maintained under United Nations Security Council Resolution 1267. Please be advised that corresponding changes have now been made to the list maintained by the European Union under Council Regulation (EC) No 881/2002 by...

Guernsey’s financial services regulator has published a guidance note on its general approach to the enforcement process which it administers. This brings together the extensive public guidance which is already available on the Commission’s website. The paper has been published in response to a decision made by the States of Guernsey in January of this year requiring the Commission to publish such...

Please be advised that there have been a number of developments in relation to the Bailiwick's sanctions regime which are set out below. These developments concern sanctions relating to Central African Republic, North Korea and Iran. Central African Republic Council Regulation (EU) 224/2014, as implemented by the Central African Republic (Restrictive Measures) (Guernsey) Ordinance, 2014, the...