Ten things UK/EU compliance officers must do in 2012 07 Jan 2013 This year will be a year of clarifying, evaluating and beginning to implement the practical detail that underpins the sweep of regulatory change due in 2012 and beyond. The changes are not limited to the rulebooks but encompass the regulatory bodies, required structural […]

Guernsey foundation law ‘a welcome boost’ 03 Jan 2013 The introduction of Guernsey’s foundation law on 7 January will be a “welcome boost” for the island’s financial services industry. Commerce and Employment Minister Kevin Stewart said it would offer the industry “an edge in an increasingly competitive global environment”. It follows the introduction of similar […]

GFSC is ‘capping’ its 2013 fees increase at 2% 20 Dec 2012 LICENCE fees for regulated financial services businesses are to rise by 2% next year – despite concerns raised by the industry. The Guernsey Financial Services Commission has announced it is ‘capping’ fee increases at 2%. The proposal, announced in October, was hugely unpopular […]

Industry fees to be increased by 2 per cent for all sectors 13 Dec 2012 Fee increases for 2013 proposed by the Guernsey Financial Services Commission are to be capped at two per cent across all sectors, following consultation. Originally it was proposed that there would be a two per cent increase in the general […]

COBO and Alderney Company Law 13 Dec 2012 On 28 November the States of Guernsey approved the repeal of the remaining provisions of the Control of Borrowing (Bailiwick of Guernsey) Ordinance 1959. The repeal legislation will be put before the States as soon as possible – this is expected to be in February/March 2013. The […]

Alleged money laundering in Sark 27 Nov 2012 A large scale investigation is underway into alleged money laundering offences in Sark. Two island residents appeared in Guernsey’s Magistrate’s Court on Monday morning following a raid involving 16 customs officers at an address in Sark on Monday 19th November. Michael Doyle, 44, of Oakwood Manor, Rue […]

Anti-money laundering plans please Guernsey industry 20 Nov 2012 PLANS to revise Guernsey’s anti-money laundering framework have been positively received by the industry. The Guernsey Financial Services Commission has prepared revisions to the regulations and rules concerning anti-money laundering (AML) standards for financial services businesses. The commission’s intention to remove general insurance from the AML […]

Guernsey Revisions to AML Framework 14 Nov 2012 As part of its continuing commitment to ensuring that supervisory standards are up to date and appropriate, the Guernsey Financial Services Commission is preparing revisions to the regulations and rules governing anti-money laundering (AML) standards for financial services businesses ‘the Handbook’ and for prescribed businesses (firms of […]