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HM Treasury has renewed the final designation of an 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/611612/Notice_TAFA_Fawaz_Notice.pdf Persons who are the subject of a designation...

The Commission publishes today, 4 May 2017, a proposed new pensions supervisory framework for consultation as was communicated in the States report published on 27 April 2017, which can be found via this link. This comprises a proposed extension of regulated activities (under the Regulation of Fiduciaries, Administration Businesses and Company Directors, etc (Bailiwick of Guernsey) Law, 2000 (“the...

The Guernsey Financial Services Commission is consulting on proposals to introduce new FRR rules for full fiduciary licensees. Background The Commission has been working with the Guernsey Association of Trustees (GAT) with the intent of reviewing and updating the FRR as applicable to full fiduciary licensees. Key reasons for the proposed new FRR rules are: 1) to enable Guernsey to meet...

The United Nations Security Council has removed one individual from the list of persons associated with ISIL (Da’esh) and Al-Qaida maintained under United Nations Security Council Resolution 1267. All persons on the UN list are subject to restrictive measures which include targeted financial sanctions. Further information is available here: https://www.un.org/press/en/2017/sc12786.doc.htm UN...

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 pleased to announce the appointment of two new Commissioners. Mr. John Aspden is a senior finance professional with significant experience in investment and banking supervision in both the public and private sectors. He was Chief Executive of the Financial Supervision Commission in the Isle of Man from 1998 to 2015, where he was responsible for the regulation and supervision of...

The EU has expanded on 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 effective in the...

This Notice is issued further to a previous Sanctions Notice issued in relation to the amendment of the details concerning an entity (the listed person) on the list of persons associated with ISIL (Da’esh) and Al-Qaida maintained under United Nations Security Council Resolution 1267. Please be advised that a corresponding change has now been made to the list maintained by the European Union under...

This Notice is issued further to a previous Sanctions Notice issued in relation to the amendment of the details concerning an individual (the listed person) on the list of persons associated with ISIL (Da’esh) and Al-Qaida maintained under United Nations Security Council Resolution 1267. Please be advised that a corresponding change has now been made to the list maintained by the European Union...