Financial Crime

​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...

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 previous Sanctions Notice issued regarding United Nations listings for 6 individuals associated with extremist groups in Iraq and Syria, these individuals have now been added to the list maintained by the European Union under Council...

​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...

Please be advised that Guernsey has adopted sanctions measures relating to the Russian Federation in view of Russia’s actions in destabilising the situation in Ukraine. These measures have immediate effect in the Bailiwick. The Russian Federation (Restrictive Measures) (Guernsey) Ordinance 2014, which is in force with effect from 1 August 2014, implements Council Regulation (EU) No. 833/2014 of 31...

​Please be advised of the following changes to sanctions listings related to Crimea and Sevastopol as well as to the territorial integrity of the Ukraine. These measures have immediate effect in the Bailiwick. CRIMEA AND SEVASTOPOL Council Regulation (EU) No 692/2014 of 23rd June 2014, as implemented by the Crimea and Sevastopol (Restrictive Measures) (Guernsey) Ordinance, 2014 has been amended by...

​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...

Please be advised of the following change to sanctions listings related to terrorist financing, which has immediate effect in the Bailiwick. On 23 July 2014 the Council of the European Union announced that it has reviewed the list of persons designated under Council Regulation (EC) No 881/2002. These designations have direct effect in the Bailiwick as designations under section 1 of the Terrorist...

Please be advised of the amendments to the sanctions measures in place regarding Sudan and South Sudan have been made by the Legislation Select Committee. These amendments, which have direct effect, are as follows: Two EU Regulations have been implemented to provide clarity in relation to the sanctions it imposed in 2004 on Sudan by (a) recognising that Sudan and South Sudan are now separate...

Please be advised of the amendment to the sanctions measures in place regarding Afghanistan has been made by the Legislation Select Committee. This amendments, which has direct effect, is as follows: The Afghanistan (Restrictive Measures) (Guernsey) Ordinance, 2011 has been amended to impose a reporting requirement on financial services businesses. This requires all financial institutions and...