The Fourth AML Directive came into force on 26 June 2015. This Briefing Paper – view here – explains the potential impact of the Risk Factor Guidelines recently issued for consultation under the Fourth Money Laundering Directive on EU financial institutions dealing with customers.
GAT need volunteers to assist the Technical Sub Committee formulate a response. It should be noted that non-island respondents voicing concerns over the wording and impact and in particular it may be useful for off island connected parties to on island business may add weight to our response.
Contact Rhona Humphreys, Deputy Chair, who co-ordinates Technical Committee responses.
Guernsey Finance has moved.
From Monday 30 November, Guernsey Finance will be located at:
2nd Floor, Somers House, Rue du Pre, St Peter Port, GY1 1LU
*Please note that the main switchboard number (720071) and their postal address (PO Box 655, St Peter Port, Guernsey, GY1 3PN) remain unchanged.
Guernsey Finance Chief Executive Dominic Wheatley said: “We have enjoyed the experience of being in a prestige location on the seafront, but the needs of our team have evolved in recent years and we now require a more practical location, which we believe Somers House provides. The new office will allow the Guernsey Finance team to work in an open-plan environment coupled with improved facilities, such as greater meeting room capabilities. It also ensures that we maintain a presence within St Peter Port.”
So, if you’re around Somers House next week please feel free to drop in and say hello. they’ll be more than happy to show you around.
Guernsey Finance Forum
GF have various sponsorship opportunities that are available for the Funds Forum 2016. The event will be held on Thursday 12 May 2016 at etc venues. 155 Bishopsgate (just outside of Liverpool Street station). Sponsorships usually sell quite quickly so please ensure you return your completed booking form to Vicky Richardson to guarantee your preferred choice. Click link to see more: GFF_Sponsorhip_Opportunities 2016
Note to all potential sponsors – The annual Funds Forum relies heavily on sponsors inviting their own contacts along to the event. If you are successful in obtaining a sponsorship, you must make every effort to use up all of your off-Island delegate passes which form part of your sponsorship package. Please do not apply if you know you will be unable to bring any off-Island guests.
Remember to check our Events Calendar for Industry presentations and other events that may be of interest.
Step Guernsey December Events 2015/16 Series
STEP Guernsey Lecture Series 2015/16 sponsored by Mourant Ozannes.
Lunchtime Lecture No. 4
Date: Wednesday 2nd December 2015
Venue: The Dorey Room, St James
Title: Current Threats to Financial Services from Organised Crime
Guest Speakers: Financial Investigation Unit & Alternative Solutions Ltd
Evening Lecture No. 4
Date: Thursday 10th December 2015
Venue: The Colbourne Room, OGH
Title: Succession Planning for Middle Eastern Clients”
Guest Speakers: Mustafa Hussain & Nick Warr, Taylor Wessing
Handling Financial Complaints and the Financial Ombudsman: Session 1
Being held on 7 December 2015 The GAT have arranged for Douglas Melville (the Financial Ombudsman) to speak about his role and the new Financial Complaints Handling Process.
The GAT will be running four 75 minute sessions on Monday 7th December at £30 per delegate. These sessions will be smaller sessions, where you will have the opportunity to speak with Douglas and ask him questions. The new office of the Ombudsman opened on 16th November and already they have a number of cases waiting for their attention. These sessions are open to anyone who will be impacted by the new financial complaints handling process. To book please click here.
GTA 2016 Compliance CPD Series
The GTA Anti-Money Laundering and Compliance Series offers a broad range of short courses and professional qualifications focused on anti-money laundering and compliance. These subjects are critical to the finance industry but affect all businesses involved in handling large financial transactions. This series has been designed to focus on current compliance challenges and learning to help you meet today’s challenges. It’s new, it’s fresh and it specifically applies to Guernsey – GTAAML
ARC – Private Client Indicies
The most commonly asked question about the compilation of the PCI series over the last decade has been “How do you calculate the monthly PCI estimates?” A close second has been the question “What is the asset allocation for each of the ARC Private Client Indices (PCI)?” ARC has the answers to these questions in their briefing note: ARC The Art of Estimation.
KPMG – Update of Disclosure Facility & Autumn Statement 2015
The Guernsey, Jersey and Liechtenstein Disclosure Facilities provide those with undisclosed UK tax liabilities with a chance to regularise their UK tax affairs in a controlled manner on beneficial terms. The deadline for the closure of these facilities is looming.
Read more about this here.
George Osborne delivered his 6th Autumn Statement on 25 November, in conjunction with his widely-publicised Spending Review. A number of proposals directly impact the Channel Islands.
Read more here.
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