Financial Services Business In this letter Sheen outlines the following PART 1 – INTRO 1. The Commission has emphasized to businesses, both during on-site visits and industry meetings, the importance of assessing the ML/TF risks to which they could be exposed “in the round”, or as a whole, when reviewing their business risk assessments. 2. […]

The Commission has a policy of encouraging innovation. Virtual currencies are an area of innovation which the Commission continues to monitor closely while recognising that there are currently significant risks associated with them. In the light of those risks, the Commission will adopt a cautious approach and may well refuse applications to register financial services […]

Guernsey has signed two further Double Taxation Agreements‚ with the Seychelles and Mauritius‚ bringing the total number of DTAs it has to 10. Both the agreements were signed in London, by Guernsey’s treasury and resources minister Gavin St Pier and the high commissioner for the Seychelles Marie-Pierre Lloyd, and Guernsey’s minister for commerce and employment […]

The Governments of the Crown Dependencies have today issued draft FATCA guidance as part of a consultation process. Comments are invited on the draft guidance document by 14 March 2014. It is expected that final FATCA guidance to be issued shortly thereafter. The guidance notes are the same across Jersey, Guernsey and the Isle of […]

A recent case has far reaching consequences for trustees dealing with and financing UK Property and highlights that trustees must now take great care to avoid personal liability when entering into contractual arrangements. Under English law the position has always been that a trustee acts personally. This means that a trustee is personally liable for […]

Today representatives from the governments of Guernsey, Jersey and the Isle of Man signed inter-governmental agreements with the United States in respect of the Foreign Account Tax Compliance Act. Hot on the heels of signing IGAs with the United Kingdom less than 2 months ago, the newly signed IGAs with the US will further enhance […]

Guernsey’s Financial Services Commission has fined Generali Worldwide Insurance Company £150,000 for what it said were “failings in systems and controls” that occurred between 2008 and 2010. Generali Worldwide is an arm of the Trieste, Italy-based Generali Group, one of the world’s largest insurance companies. It is a separate company from Generali International, and focuses […]

The Guernsey Financial Services Commission (the Commission) is increasing its capacity to undertake professional and efficient enforcement action[1]. The appointment of Simon Gaudion to the newly created post of Director of Enforcement, and the establishment of a dedicated Enforcement Division, will further enhance the Commission’s ability to undertake proportionate and efficient enforcement action. “The Commission […]