GAT News July 2017

Industry News July 2017

Revisions to the Bailiwick’s AML/CFT Framework – Consultation ends 31 July 2017

The Policy and Resources Committee of the States of Guernsey (“P&R”) and the Guernsey Financial Services Commission (“the Commission”) have issued simultaneously a joint consultation on revisions to the Proceeds of Crime legal and regulatory framework.

The revisions bring the Bailiwick’s AML/CFT framework into line with international standards issued in 2012 by the Financial Action Task Force, as well as addressing recommendations made by MONEYVAL following its mutual evaluation of Guernsey, the results of which were published in January 2016.

The purpose of this consultation is to seek feedback from all interested parties on proposed revisions to the Criminal Justice (Proceeds of Crime) (Bailiwick of Guernsey) Law, 1999 as amended, the two sets of Criminal Justice (Proceeds of Crime) (Bailiwick of Guernsey) Regulations and the rules and guidance in the Handbooks on Countering Financial Crime and Terrorist Financing.

A copy of the combined Consultation Paper can be found here:

Consultation on Revisions to the Bailiwick’s AML/CFT Framework

Respondents are encouraged to submit their comments online using the Commissions Citizen Space Consultation Hub which can be found here:

GFSC Consultation Hub

Copies of Amendment Ordinance and revised Handbook can be found via the below links:

The Criminal Justice (Proceeds of Crime) (Bailiwick of Guernsey) (Amendment) Ordinance, 2017

The Handbook on Countering Financial Crime and Terrorist Financing

Members are reminded that the consultation process will close at 5pm on 31 July 2017.

Comments and enquiries on this consultation can be sent to

GFSC Lending, Credit and Finance proposals

The GFSC has issued the Consultation Paper in respect of Lending, Credit and Finance.

The funding review will comprise a multi-phase consultation during 2017-8. The objective is to arrive at a consensus position on a viable cost allocation approach for CIFO that has multi-stakeholder buy-in by mid-2018, for implementation in January 2019.

Two information and consultation sessions in both Guernsey and Jersey were held in April 2017.

Following the consultations, the Channel Islands Financial Ombudsman (CIFO) has published the Financial Services Ombudsman Levy Scheme (Jersey) 2017 and the Financial Services Ombudsman Levy Scheme (Bailiwick of Guernsey) 2017. These came into force on 10 April 2017. A feedback paper has also been published on Consultation Paper 10: 2017 Levy Schemes. Levy notices have been issued to registered providers in the banking sector of activity and to providers in other sectors.

Full details, together with the Consultation Paper, can be found on the GFSC’s website

The consultation ends on Monday 15 September 2017.

Beneficial Ownership Register – update

Following on from our Panel Presentation in June, we confirm that The Beneficial Ownership of Legal Persons (Guernsey) Law, 2017 received Royal Assent at a meeting of the Privy Council (The Queen in Council) on 24 July.

The law will come into force on the day appointed by regulations, and it is expected to be made by the Policy & Resources Committee on 14 August for commencement the following day.

Pensions promotional document – Guernsey Finance

Last month we updated our members on the changes to the local pensions regulations, specifically that as of June 2017, the island can offer regulated pensions and savings products for the first time.

Guernsey Finance have produced a useful international pension and savings plans brochure which will be used for promotional activities and is available for circulation.

The document can be viewed by clicking here

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Summary Minutes

Summary Minutes of the meeting held on Thursday 13 June 2017 can be viewed via this link (NB this will download the document automatically to your computer):

GIBA Summary Minutes June 2017

Forthcoming Events

Remember to check our Events Calendar for Industry presentations and other events that may be of interest.

Guernsey Finance Map

STEP Guernsey Annual Ball

This year’s popular event takes place at St Pierre Park on the evening of Friday 22nd September 2017.

Every year our Ball has grown in popularity and is becoming the go-to event in the Guernsey finance industry calendar. We have created a sophisticated evening in beautiful surroundings, which allows guests to really enjoy themselves and have fun.

This year our theme is a Magical Masquerade. We are encouraging our guests to wear a Masquerade Mask and there will be a prize of a magnum of champagne for the most flamboyant one worn on the night!

There are only two tables remaining at this year’s Ball.  If you wish to secure a table for the event please contact 


Sovereign’s International Retirement Seminar

Guernsey will be exhibiting at Sovereign’s International Retirement Seminar, which is taking place in Johannesburg on 22 August and in Cape Town on 25 August 2017.

Around 70 delegates are expected to be in attendance at both seminars, consisting of the most successful financial advisers in Cape Town and Johannesburg.

If you are interested in attending this event with Guernsey Finance, please contact

For additional upcoming events please visit

Sponsor Articles

Items of relevance and interest to Members brought to you by GAT Sponsors.

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Claims against Directors – breach of duty

Claims made against directors of Guernsey companies for breach of duty can have significant ramifications for them and the companies they serve, both personally and professionally: especially in terms of careers, reputation and livelihoods.  Here, Carey Olsen examines the limitation period for claims against directors for breach of duty under Guernsey law, reflecting on a recent Jersey law ruling in O’Keefe v. Caner and others [2017] EWHC 1105 (Ch).

To access the article please click here


BVI Beneficial Ownership System

Our Sponsors Carey Olsen have a further article for us this month highlighting the new beneficial ownership act which came into force on 30 June 2017.  This piece provides key information relevant to many of our members who are involved in administering BVI entities.  Please follow the link to access this article:

News update July 2017

Our Sponsors KPMG have kindly provided their July news update for members which is linked below. Topics featured include a summary of information on the UK Trust Register and a note on the second 2017 Finance Bill.

KPMG update – GAT newsletter July 2017 (1)

What is a fair fee to pay for the services of a wealth manager or financial adviser?

There is a widespread suspicion that in many cases the answer is: less than you are paying now – if only you could get behind the figures to find out what the real all-in costs, including add-ons, actually are. Asset Risk Consultants (ARC), the company that monitors the performance of the great majority of private client firms in the UK, to explain how investors should work out what a fair fee is – and how best to get value for money in future.

2017-06 Do DFMs Offer Value For Money

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