Financial Crime

The Financial Crime Risk Return (the “FCRR”) for the reporting period 1 July 2020 to 30 June 2021 will be available for completion on the Online Submissions Portal on 13 July 2021. The submission deadline is 31 October 2021. Following the Commission's previous announcements and after consultation with industry, updates made to the 2021 FCRR include: Additional reporting on suspicious activity and...

The Commission has today issued amendments to the country lists in Appendix C and Appendix I of the Handbook on Countering Financial Crime and Terrorist Financing reflecting the Financial Action Task Force’s updated list of jurisdictions under increased monitoring, which includes Malta, Haiti, the Philippines and South Sudan. The amendments include the removal of Malta from the list of equivalent...

On 16 April 2021 the Commission imposed a discretionary financial penalty on Ms Sarah Jayne Sarre of £13,500. The above sanction was imposed on Ms Sarre as a result of her failure to meet the minimum criteria for licensing. More details to follow in due course.

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

On the 4th day of March 2021 the Commission imposed a discretionary financial penalty of £185,000 on Mr Ian Roger Parry. In addition, Mr Parry was prohibited from performing any function on behalf of a regulated entity. The exemption set out in section 3(1)(g) of the Regulation of Fiduciaries, Administration Business and Company Directors, etc (Bailiwick of Guernsey) Law, 2000 (which would...

On the 31st day of March 2021 the Commission imposed the following discretionary financial penalties: Mr Christopher Henry Shaw - £100,000 Mr John Adam Robilliard - £40,000 Mr Bruce David McNaught - £15,000 (collectively "the Individuals") In addition, Mr Shaw was prohibited from holding the position of shareholder, controller, director, partner, manager, money laundering reporting officer and...

On the 4th day of March 2021 the Commission decided to prohibit Mr Paul Michael Everitt from performing any function on behalf of a regulated entity. The exemption set out in section 3(1)(g) of the Regulation of Fiduciaries, Administration Business and Company Directors, etc (Bailiwick of Guernsey) Law, 2000 (which would otherwise permit an individual to act as a director of not more than six...

On the 4th day of March 2021 the Commission imposed a discretionary financial penalty of £55,000 on Mr Jose Eduardo Paula de Lima Araujo. In addition, Mr Araujo, together with Mr Antonio Carlos de Godoy Buzaneli and Mr Jose Manuel Ordoñez (collectively the “Individuals”) were prohibited from performing any function on behalf of a regulated entity. The exemption set out in section 3(1)(g) of the...