News

Application Form for Managing General Agents 29 May 2020 The Commission is pleased to announce the launch of a new application form for Managing General Agents (MGAs) to make it simpler for them to apply for a Guernsey licence. Although the MGAs fall within the insurance manager licensing framework the Commission wished to ensure that Managing General Agents interested in coming to the Bailiwick...

Following our announcement of 24 March 2020: https://www.gfsc.gg/news/commission-allows-more-time-firms-complete-key-financial-returns], the Commission has been pleased to note the resilience of the Bailiwick’s finance sector including the widespread ability to work from home effectively. This operational resilience, taken together with recent States of Guernsey announcements regarding exit from...

Please be advised that further to the United Nations Security Council’s decision on 21 May to designate Amir Muhammad Sa’id Abdal-Rahman al-Mawla, the EU has passed Commission Implementing Regulation (EU) 2020/706 which enacts this decision. This change to the EU framework is automatically effective in the Bailiwick under the Al-Qaida (Restrictive Measures) (Guernsey) Ordinance, 2013, the Al-Qaida...

Please be advised that the United Nations Security Council has added one individual, Amir Muhammad Sa’id Abdal-Rahman al-Mawla, to the list of individuals and entities subject to restrictive measures, including targeted financial sanctions, pursuant to United Nations Security Council Resolutions 1267 (1999), 1989 (2011) and 2253 (2015) concerning ISIL (Da’esh), Al-Qaida, and associated individuals...

The world’s circumstances have changed fundamentally with the arrival of COVID-19 which has become a major threat to global wellbeing and economic prosperity. The extraordinary measures taken by governments around the world in response to the threat posed by COVID-19, have inevitably and significantly altered any forward-looking statements and hence, in publishing its 2019 annual report today, the...

The Financial Action Task Force ("FATF") has released a guidance paper regarding COVID-19-related money laundering and terrorist financing risks, which can be accessed directly on the FATF website. This paper and other FATF guidance can be found within the FATF Guidance section of the Commission's Legislation and Guidance page.

Date of prohibition order, law under which made and prohibited functions: The Regulation of Fiduciaries, Administration Business and Company Directors, etc (Bailiwick of Guernsey) Law, 2000, as amended; from 4 May 2020 until 4 May 2024: the functions of director, controller, partner and manager in relation to a regulated activity carried on by or for a licensed fiduciary. The Protection of...

Date of prohibition order, law under which made and prohibited functions: The Regulation of Fiduciaries, Administration Business and Company Directors, etc (Bailiwick of Guernsey) Law, 2000, as amended; from 4 May 2020 until 4 May 2026: the functions of director, controller, partner and manager in relation to a regulated activity carried on by or for a licensed fiduciary. The Protection of...