News

Today a consultation paper has been issued on the proposed additional rules and guidance for virtual asset service providers (“VASPs”) and specified businesses with a connection to, or involvement with, virtual assets, on how to meet the requirements of Schedule 3 to the Criminal Justice (Proceeds of Crime) (Bailiwick of Guernsey) Law 1999 (“the POC Law”) and rules in the Handbook on Countering...

Please be advised that the Republic of Belarus (Sanctions) (EU Exit) Regulations 2019 (the UK regulations) have been amended by the Republic of Belarus (Sanctions) (EU Exit) (Amendment)Regulations 2023 (the Amending regulations). The UK regulations are given effect within the Bailiwick under the Sanctions (Implementation of UK Regimes) (Bailiwick of Guernsey) (Brexit) Regulations, 2020 that have...

Please be advised that the United Nations Security Council Committee has removed the following individuals from the list of persons who are subject to the ISIL (Da'esh) and Al-Qaida Organisations financial sanctions regime - Abd Al-Aziz Udai Samin Al-Fadhli Hamad Awad Dahi Sarhan Al-Shammari Further details about these individuals are available here: Security Council ISIL (Da’esh) and Al-Qaida...

Please be advised that the United Nations Security Council Committee has amended the details relating to the following individual who is subject to the ISIL (Da'esh) and Al-Qaida Organisations financial sanctions regime - Zoghbai Merai Abdul Fattah Further details about this individual are available here: Security Council ISIL (Da’esh) and Al-Qaida Sanctions Committee Amends One Entry to Its...

Please be advised that the UK’s Office of Financial Sanctions Implementation (OFSI) has published a blog post in relation to the prohibition on the provision of trust services under the Russia (Sanctions) (EU Exit) Regulations 2019 (the UK regulations). The blog post, which is available here: Trust Services Sanctions – 5 months on - OFSI (blog.gov.uk), contains guidance on the approach taken by...

The Commission has today published its 2022 annual report and financial statements. In the annual report, the Commission discusses: the increased risks faced by the financial services sector as a result of high inflation and rising interest rates; its continued development of digital technology to enhance performance; its work with Guernsey Finance and others to develop the Bailiwick’s proposition...

Please be advised that an amendment has been made to the details in respect of Vladimir Nikolaevich Lepin Dmitry Vladimirovich Konov who are currently designated under the Russia (Sanctions) (EU Exit) Regulations 2019 (the UK regulations) and remain subject to an asset freeze. The revised entries in respect of the persons referred to above appear on the consolidated list, which can be found here...

Please be advised that ABDULLAHI OSMAN MOHAMED CADDOW has been designated under the Somalia (Sanctions) (EU Exit) Regulations 2020 (the UK regulations). The UK regulations are given effect within the Bailiwick under the Sanctions (Implementation of UK Regimes) (Bailiwick of Guernsey) (Brexit) Regulations, 2020 that have been made under the Sanctions (Bailiwick of Guernsey) Law, 2018 (the Sanctions...

Additional Question The 2023 Fiduciary Annual Return, which will be available on licensees' timelines on 27 May 2023, includes the following additional question: Breakdown of business by geography for trusts, foundations, companies and partnerships. Currently fiduciary licensees are required to identify the country of residence of the settlor of a trust, the founder of a foundation or the...