FATCA – inter-governmental agreements for crown dependencies – On Tuesday, 9 October 2012 the three Crown Dependencies, Guernsey, Jersey and the Isle of Man, each announced their intention to negotiate an inter-governmental agreement (“IGA”) with the US regarding the implementation of the US Foreign Account Tax Compliance Act (“FATCA”). The IGAs will follow the model […]

GFSC Merge dept – ANTI-MONEY laundering and authorisations procedures at the Guernsey Financial Services Commission have been centralised in a bid to improve efficiency and consistency. 29 Oct 2012 The commission has established an authorisations unit, while anti-money laundering will be handled by a new division, both recommendations made in the Ernst & Young international […]

Image rights in Guernsey 25 Oct 2012 The long-awaited Image Rights legislation in Guernsey has now been published and, subject to the Guernsey legislature passing it into law next month, will be in force as of 3 December 2012. This briefing note sets out the key points of the Image Rights (Bailiwick of Guernsey) Ordinance, […]

Guernsey Financial Services Commission : GFSC makes recommendations on Retail Distribution Review 22 Oct 2012 The Guernsey Financial Services Commission (GFSC) is proposing that Guernsey should not immediately follow the UK by introducing the proposals of the UK Financial Services Authority’s (FSA) Retail Distribution Review (RDR), but instead wait and see what happens in the […]

MP’s comments on GFSC and Arch Cru ‘significant concern’, says Giba26 Sept 2012 COMMENTS from an MP about the attitude of Guernsey’s financial regulator to the Arch Cru fiasco are a significant source of concern, the Guernsey International Business Association has said. Alun Cairns, the Conservative member for the Vale of Glamorgan, last week said […]

Bulgarian mobsters ‘use island to launder money’ INTERPOL-WANTED Bulgarian mobsters have been using Guernsey to further their criminal activity, a news website based in the eastern European country has claimed. And Guernsey Border Agency officials yesterday issued a short statement saying: ‘We are aware of the reports, we are looking into them.’ Bulgarian website novinite.com […]

Bulgarian mobsters ‘use island to launder money’ INTERPOL-WANTED Bulgarian mobsters have been using Guernsey to further their criminal activity, a news website based in the eastern European country has claimed. And Guernsey Border Agency officials yesterday issued a short statement saying: ‘We are aware of the reports, we are looking into them.’ Bulgarian website novinite.com […]

GFSC AML/CFT Feedback – In July the GFSC published AML/CFT feedback, which can be found below. The purpose of the feedback is to provide industry with a summary of findings from on-site inspections, which may prove useful to businesses when identifying and managing risks and in considering their AML/CFT policies, procedures and controls. 10 Sep […]