News

Sanctions Notice - Terrorism and Terrorist Financing

20th January 2020

Sanctions

HM Treasury, through the Office of Financial Sanctions Implementation, has added one new entity and amended an existing entry under the Terrorist-Asset Freezing Act. The effect of the changes is to designate Hizballah in its entirety, in line with the UK government’s proscription of the entire organisation. It is now subject to the restrictions set out in the UK’s Terrorist Asset-Freezing etc. Act...

Sanctions Notice - Mali

9th January 2020

Sanctions

Council Regulation (EU) No 2017/1770, as implemented in the Bailiwick by the Mali (Restrictive Measures) (Guernsey) Ordinance, 2017, has been amended by Council Implementing Regulation (EU) No 2020/8. The effect of the amendments, which are automatically and immediately effective in Guernsey, is to add five persons to the list of persons subject to an asset freeze and other financial restrictions...

Exit Interviews for MLROs and MLCOs of Banks and Fiduciary Firms

8th January 2020

Please be advised, that with effect from January 2020, the Commission will be introducing exit interviews for individuals who held the position of MLRO and/or MLCO with a Bank or Fiduciary firm. This is a six month pilot initiative, and following our risk based approach, will apply only to individuals who have departed from a MLRO or MLCO position at a Fiduciary or Bank Licensee since the start of...

Sanctions Notice - Financing of Proliferation of Weapons of Mass Destruction

31st December 2019

Sanctions

Please be advised that the Policy & Resources Committee has added further information to the States of Guernsey website in relation to countering the financing the proliferation of weapons of mass destruction. This information can be found in the outreach sections of the pages on the sanctions frameworks for “Iran – nuclear proliferation” and “North Korea” and includes a link to a range of...

Guidance Note for Licensed Insurers on the Completion and Submission of Annual Returns

17th December 2019

Insurance

The Commission has today issued a Guidance Note for Licensed Insurers on the Completion and Submission of Annual Returns. The aim of the guidance is to clarify the expectations of the Commission with respect to the completion of the annual return on the portal.

Changes to the Online Submissions ('OS') Portal & Personal Questionnaire ('PQ') Portal

16th December 2019

Form upgrades Further to our previous news article regarding the forthcoming changes to the forms on the OS and PQ Portals, the following forms are now available in the new format: 126a - Fiduciary - Pension Scheme or Gratuity Scheme Quarterly Return 132 - Insurance Manager Annual Return 145 - Investment Quarterly Return 200 - Other Notification 220 – Outsourcing 226 - Surrender Registration It...

Iceland

28th November 2019

The Commission has today removed Iceland from Appendix C (Equivalent Jurisdictions) of the Handbook on Countering Financial Crime and Terrorist Financing and issued an instruction for all specified business to ensure that full customer due diligence has been applied to all existing business relationships connected to Iceland by 31 January 2020. This action follows the Financial Action Task Force’s...

SANCTIONS NOTICE - ISIL (DA’ESH) AND AL-QAIDA NETWORK

27th November 2019

Sanctions

Please be advised that one entry has been added to the list of individuals and entities associated with ISIL (Da’esh) and Al-Qaida maintained by the European Union under Council Regulation (EC) No 2016/1686 by Council Implementing Regulation (EU) No 2019/1943. These changes are automatically effective in the Bailiwick under the Al-Qaida (Restrictive Measures) (Guernsey) Ordinance, 2013, the Al...

Sanctions Notice - ISIL (Da'esh) and Al-Qaida Network

12th November 2019

Sanctions

Please be advised that one entry has been removed from the list of individuals and entities associated with ISIL (Da’esh) and Al-Qaida maintained by the European Union under Council Regulation (EC) No 881/2002 by Commission Implementing Regulation (EU) No 2019/1883. These changes are automatically effective in the Bailiwick under the Al-Qaida (Restrictive Measures) (Guernsey) Ordinance, 2013, the...