Instruction No. 06/2014 for Financial Services Businesses and Prescribed Businesses

The Commission is today issuing Instruction Number 06/2014 for Financial Services Businesses and Prescribed Businesses replacing Instruction No. 02/2014 issued on 9 July 2014.  Libya has been removed from Part C which is the list of countries and territories of concern to the Commission.  This means that financial services businesses and prescribed businesses may apply a risk based approach to relationships with a connection to Libya rather than having to apply a mandatory high risk designation to such a relationship.  The Commission would encourage businesses to exercise caution when considering new and existing relationships with Libyan connections.

This change means that the approach which businesses in the Bailiwick can take in respect of relationships connected to Libya is similar to that of Jersey.

Details on the reasons for Libya’s removal can be found at the end of the list.

Copies of Instruction No. 06/2014 can be accessed on the FC&A section of the Commission’s website and via the below links:

Instruction No. 06/2014 for Financial Services Businesses

and

Instruction No. 06/2014 for Prescribed Businesses