News

Addition to the UN List The United Nations Security Council has added four individuals (“the listed persons”) to the list of persons associated with 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: http://www.un.org/press/en...

The FCA has reported that in recent months there has been an alarming rate of UK residents who have been persuaded into joining a UK-based venture known as WeRe Bank. In order to join WeRe Bank members are required to issue a Promissory Note in the sum of £150,000 which is payable within ten year anniversary from the time of joining. The FCA has received numerous reports from financial...

​ Further to the Commission’s news article of 28 August 2015, a directions hearing was heard on 16 September 2015 in relation to the Commission’s application for the winding up of MVP Fund Range PCC Limited (“the Fund”) under section 410 of the Companies (Guernsey) Law, 2008, as amended. After hearing Counsel for the Commission and Mr Stratford, a director of the Fund, the Royal Court made a...

Following its consultation in 2014, the Commission today publishes a revised version of the RATS rules. The Commission requests comments on the revised rules as published. The rules will, subject to the absence of fatal flaws in the proposals, come into force on 5th October, 2015. A copy of the rules can be found here. The objective of the 2014 review was to determine whether there were potential...

Council Regulation (EU) No 224/2014, as implemented in the Bailiwick by the Central African Republic (Restrictive Measures) (Guernsey) Ordinance, 2014, the Central African Republic (Restrictive Measures) (Alderney) Ordinance, 2014, and the Central African Republic (Restrictive Measures) (Sark) Ordinance, 2014, has been amended by Commission Implementing Regulation (EU) No 2015/1485. The...

Please be advised that on 3 September 2015 the United Nations Security Council added the name of 1 natural person (“the listed person”) to the list of persons associated with Al-Qaida maintained under United Nations Security Council Resolution 1267. All persons on the list are subject to restrictive measures, including financial sanctions. Further information about the listed person is available...

This Notice is issued further to a Sanctions Notice issued last month in relation to the removal of one natural person from the list of persons associated with Al-Qaida maintained under United Nations Security Council Resolution 1267, and changes to the details relating to two other listed persons. Please be advised that corresponding changes have now been made to the list maintained by the...

​On the 27 August 2015 application was made to the Royal Court by The Guernsey Financial Services Commission to wind up MVP Fund Range PCC (“the Fund”) under the Section 410 of The Companies (Guernsey) Law 2008 on the grounds that it is in the public interest.The Commission felt it necessary to take these steps as it is concerned at the illiquid nature of the Fund and in light of the nature of the...

On the 29 May 2015 the Commission released a consultation paper relating to proposals to amend the Bailiwick’s Handbooks for financial services businesses and prescribed businesses on countering financial crime and terrorist financing. The consultation period has closed and the Commission would like to thank everyone who took the opportunity to respond to the paper. The consultation paper proposed...