GAT Technical Sub Committee needs help from Members to respond to the recent published Briefing Paper by the GFSC on the Risk Factor Guidelines of the 4th Directive AML.
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Guernsey Finance News
As you will hopefully be aware by now, Guernsey Finance is opening a representative office in Hong Kong in the first quarter of next year.
To mark the office opening we are holding a programme of events in Hong Kong at the start of March – this includes a diplomatic reception on 1 March (an exclusive event limited to 50 people in all and hosted by the UK Consul General and our own Minister of C&E. Any suggestions of key invitees would be much appreciated.); and a free-to-attend masterclass on 2 March which will place the new office in context by discussing global trends in finance before an expert panel debate the key issues and how they fit within the context of the Hong Kong market and Guernsey’s finance industries. Both events will start in the early evening.
We hope to get as many representatives from local industry over to Hong Kong for the opening as possible and would like to invite those of you who represent firms / clients with an interest in Hong Kong and South East Asia to get in touch. We’d also like to hear from anyone who has good contacts in the region that Guernsey Finance should be aware of. Please forward all suggestions and comments to Nikki Sandrey at firstname.lastname@example.org.
Full details of the events will be announced shortly, but we are eager to involve industry as early as we can. Of course, if you think this email might be of greater interest to one of your colleagues then please share the information with them.
Guernsey Finance News Update
The GF December issue includes….
• A word from GF’s new Chairman
• 2016 events calendar
• International Business Development update
• China Update from Wendy Weng
• The latest technical news affecting industry
• A look at the new GF staff
Step Guernsey January Events 2015/16 Series
STEP Guernsey Lecture Series 2015/16 sponsored by Mourant Ozannes
STEP Members and Non-members welcome. To book contact email@example.com/226281 or access booking forms here.
Lunchtime Lecture No. 5
Date: 13th January 2016
Venue: The Dorey Room, St James
Topic: Fraud from the perspective of a trust administrator
Guest Speakers: Ben Rhodes & Matthew Parker, from Grant Thornton CI present ‘Fraud from the perspective of a trust administrator.’
Evening Lecture No. 5
Date: 21st January 2016
Venue: The Dorey Room, St James
Topic: UK Non Dom Ruling: Update and the Future
Guest Speakers: Helen Jones & Lee Bijoux from BDO UK
Mourant Ozannes Briefing: Year End Deadline Looms: Common Reporting Standard – Trusts
The Common Reporting Standard (CRS) is due to be implemented by domestic legislation by “early adopters” (including Jersey, Guernsey, Cayman and the BVI) with effect from 1 January 2016. The CRS will impose annual reporting obligations on certain financial institutions, which may, where the relevant criteria are met, include trusts. The first reports under the CRS will be required to be made in 2017 in respect of 2016. You can view the note here and also Mourant Ozannes previous briefing containing fuller detail on the consequences of CRS for private client trusts can be accessed here.
Briefing: The revocation of specific previous wills by general wording not valid – The Estate of Sushila Bhasin (Deceased) 
Mourant Ozannes recently acted in a case where the question arose as to whether a revocation of previous wills, expressed in general terms, by a foreign-domiciled deceased person had the effect of revoking a specific Jersey Will, where this appeared not to have been the intention. Please view the note in full here.
Carey Olsen Briefing: Guernsey issues regulations to implement Common Reporting Standard
On 23 November 2015 Guernsey issued regulations to implement the Common Reporting Standard (“CRS”) under Guernsey’s domestic law. The regulations took effect from 1 December 2015 and will require Reporting Financial Institutions in Guernsey to apply from 1 January 2016 prescribed due diligence procedures to all financial accounts maintained by them in order to identify and report, where appropriate, certain information to Guernsey’s income tax office (“ITO”), which in turn will transmit that information the following year to the tax offices of relevant jurisdictions.
The regulations will be of direct interest to financial institutions that are resident in Guernsey for the purposes of compliance with the CRS, as well as non-resident financial institutions that have a permanent establishment located in Guernsey, through which they conduct the business of a financial institution. Please read the note in full here.
Use of Technology in the Due Diligence Process
Between the 29th May 2015 and the 31st July 2015, the Guernsey Financial Services Commission
(GFSC) launched a consultation paper seeking feedback from the financial services industry on a
number of proposals to amend the Bailiwick’s handbooks for financial services businesses and
prescribed businesses on countering financial crime and terrorist financing. The GFSC described the
consultation as an invitation to industry to work with the GFSC to use the advances in technology in
fulfilling their due diligence obligations.
In this article ASL looks at their digital sign off option. Click here to read the article in full.
KPMG update Non-dom’s & Risk Framework
Taxation of Non-Doms:
On 9 December 2015 the UK government published draft clauses for consultation on Finance Bill 2016, including clauses relating to the post April 2017 Inheritance Tax (IHT) treatment of UK resident non-domiciled individuals.
It will become increasingly important for Guernsey financial institutions to distinguish between tax evasion and aggressive tax avoidance due to the increased severity of penalties attached to tax evasion. The onus will now be on the corporation accused of facilitating tax evasion to prove that ‘it’ did not know, and took ‘reasonable steps’ to ensure that their agents were not knowingly facilitating tax evasion schemes.
Please read the full briefing note here.
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