GAT Newsletter June 2020

GAT Industry News

Welcome to your newsletter


News


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Notice to GAT Members: COVID-19 Coronavirus

GAT is working hard to bring Members all relevant updates as they are publicised.  This includes notices from the States of Guernsey and Public Health, GIBA, the Revenue Service and any other information which it is felt members should be made aware of.  Please ensure you are on the mailing list to receive these updates.

You can sign up here - Mailing list signup

As the situation regarding COVID-19 has developed, Public Health Services has produced some General Guidance documents. These are being updated as the advice changes so please keep checking the following website to ensure you are up to date with the latest developments - SOG Covid-19 Guidance

A number of events continue to be held online for the timebeing, however following the transition to Phase 5 of Guernsey's lockdown exit strategy we expect to be able to deliver our next GAT Member's Luncheon in person, which is welcome news.  Further details will follow. 

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Annual General Meeting

Our Annual General Meeting will be held on Wednesday 1st July 2020 at 12.30pm via Zoom. Members are invited to register to attend and receive login details, via the booking link below.

View AGM Notice

Our present Chairman, Paul Hodgson will be standing down from this position but will remain on the GAT Committee. He will deliver a summary of 2019/20 highlighting some of the key pieces of work which GAT has been involved with during this period as well as outlining what is on the horizon for GAT and the Industry itself.

Rhona Humphreys, Deputy Chair and long serving Committee Member, has put herself forward to replace Paul as Chair for the ensuing term.

If you are unable to attend but wish for your views to be represented please fill out a form of proxy.

Register here
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Annual Facts and Figures Booklet Released

The 2019 edition of Guernsey's Facts and Figures booklet has been published, containing a wide range of fiscal, economic, social and environmental data.

The information is presented in the form of charts and tables, together with a brief commentary, with further information on each topic sign-posted at the end of each section.

Read more
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States Accounts 2019 Published

The States Accounts for 2019 have been published and show a strong position being achieved after years of financial discipline across government.

The overall surplus for the year was £105.6m, which includes investment returns of £86.3m. The General Revenue unallocated surplus of £6.1m was £5.1m more than budgeted thanks to strong economic performance which resulted in higher income tax receipts and document duty.

Read more
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Financial Crime Risk Return 2020

The Financial Crime Risk Return for the reporting period 1 July 2019 to 30 June 2020 (the “Return”) will be available for completion on the Online Submissions Portal in July 2020. The submission deadline is 31 October 2020.

Following the Commission's previous announcements, updates made to the 2020 Return include additional questions regarding the different classifications of politically exposed persons relationships/occasional transactions and questions regarding the firm’s ownership, governance and AML/CFT controls. A list of new questions has been included within the guidance document and a template Return has been created to assist with completion. All firms required to complete the Return should consult the guidance document prior to completing the 2020 Return to ensure the correct data is provided.

Should you have any queries regarding how to complete the Return, please consult the guidance document in the first instance, prior to emailing amlcft@gfsc.gg.


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Changes to the Online Submissions ('OS') and PQ Portals

PQ upgrade, Single Sign-On and online Terms and Conditions functionality for users of both the Online Submissions ('OS') and PQ Portals

The PQ Portal upgrade has been completed. If you are a PQ Portal user you will notice significant changes to the portal and forms. More details about the new PQ features can be found in the guidance note on our website by clicking here.

As previously advised, if you have accounts in both the OS and PQ Portals and use different email addresses for each, it is now possible to link those accounts.

Read on
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Handbook on Countering Financial Crime and Terrorist Financing

The Commission has today, issued in final form, the revised Handbook on Countering Financial Crime and Terrorist Financing (“the Handbook”).

The Commission has made these amendments, to the Handbook, in order to take into account the Bailiwick of Guernsey’s National Risk Assessment (“NRA”) on money laundering (“ML”) and the financing of terrorism (“FT”) which was published in January 2020. These changes will assist firms in identifying high risk countries and territories for both ML and FT purposes. In particular, the Commission has created two new appendices: -

  • Appendix H, which lists those countries and territories which the Financial Action Task Force (“FATF”) has identified with significant strategic deficiencies in their regimes to counter ML, FT and financing of proliferation for which it has called for the application of countermeasures.
  • Appendix I, which lists a number of countries and territories that are identified by the UK and US governments, intergovernmental and supranational organisations such as the FATF as presenting certain ML and FT risks. Alongside these sources, information is presented reflecting assessments of a country or territory by non-governmental organisations and think tanks which firms may also find useful when they are determining the level of country risk presented by a business relationship or occasional transaction.
Read Full Statement
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Resumption of onsite inspections

Publication date: 8th June 2020

The Commission’s Financial Crime Division is recommencing its routine financial crime inspections to firms with immediate effect.  Routine inspections were suspended on 19 March 2020 to enable firms to deal with the immediate operational  impact of the coronavirus lockdown. Financial Crime inspections are resuming now as the finance industry has demonstrated its resilience and firms have generally adapted well to new methods of working.   When undertaking these inspections, the Division’s staff will ensure that they follow all current public health guidelines including implementing social distancing requirements.


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 Sustainable Finance Week

Sustainable Finance Week took place online 09 – 11 June.

Guernsey Finance told us: "It was a week of webinars and podcasts and thoughts we've shared with heads of sustainable finance organisations and leading thinkers and practitioners in this field, from Hong Kong to Geneva and Guernsey.

Guernsey led the way with the first series of serious conversations about the role of private capital financing sustainability in the post Covid-19 era.

And there will be much more coming from us on green and sustainable finance in the next few months."

It's not too late to catch up with the week's events. You can access information and catch up with events via the link below.

Catch up here
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GIBA News Roundup

GAT are proud members of GIBA, representing the financial services industry in Guernsey.  GIBA News and media statements are posted here.

12th June 2020 – GIBA welcomes the recently published Revive and Thrive Strategy to stimulate the island’s economy post-Covid-19 -  Click here to download

19th June 2020 – A joint statement from IoD, Guernsey Chamber of Commerce, GIBA, CGI and the CIPD - Click here to download

Don't forget to follow GIBA on LinkedIn


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Summary minutes

Please find below a link to the summary minutes for May's meeting of GIBA Council.

View Meeting Minutes


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Events Calendar

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

Forthcoming Events


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STEP Lecture Series

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The popular STEP Guernsey Lecture Series is back!  We will be delivering a programme of virtual events over the coming months.

STEP Guernsey are grateful to Lecture Series sponsor Ogier, for supporting another year of our popular lunchtime lectures.

Our lunchtime lectures continue to be held via Zoom and industry professionals are encouraged to register in order to participate in the webinar.  If you don't already have Zoom, please register here (you will also need to register to attend the event via Eventbrite).

Our virtual lectures are available for a short period after the lecture.

You can view these here:-

STEP Guernsey Online Lectures



Upcoming Lectures

Thursday 9th July 2020 at 12pm via Zoom

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Update on using structures to hold UK real estate

Emily Osborne and Alice Vink will recap the recent changes to the ownership of UK real estate by non-UK resident individuals and structures, explain the 2020 tax changes and provide a general overview of whether it still makes sense to use a structure to hold UK land.
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Book now
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GTA Courses & Events

Members may be interested in the following courses and events taking place in July, all of which will be delivered online in a virtual classroom:

Members may be interested in the following courses and events taking place in July:

(1) STEP Open Event

This Professional Development: Open Event is an exclusive session designed for those that are interested in joining STEP as a professional body, or undertaking one of the many educational routes, in particular, the industry recognised STEP Certificate and Diploma in International Trust Management programme.

Cost: FREE

Date: 2 July 2020

Times: 12:00-14:00 (online delivery)

Further details and registration here.

(2) Advanced Presentation Skills

This is an interactive course designed to inform, support and challenge you on all aspects of presentation within the workplace. The course runs over four sessions, one full day and three two hour lunchtime seminars.

Cost: £495

Date: Starts 7 July 2020

Times: 09:00-17:00

Further details and registration here.

(3) Launch – MSc Corporate Governance/Graduate ICSA – Fast-Track

This lunchtime launch event will allow you to find out more about this popular masters programme, which is delivered on island, and aims to provide you with a highly specialised set of skills, developing your ability to appreciate and influence the factors governing corporate affairs. It is essentially a mixture of finance, law and governance focusing on the role of corporate administration within private, public and not-for-profit organisations.

Cost: FREE

Date: 14 July 2020

Times: 13:00-14:00

Further details and registration here.

(4) First Time Manager

This highly interactive course will allow you to develop ideas and confidence when starting in a new role. It includes lively group discussions and presentations and offers an overview of the new skills and techniques you will need to master in order to succeed as a new manager.

Cost: £295

Date: 15 July 2020 (delivered in real-time in a virtual classroom)

Times: 09.00-16:45

Further details and registration here.


Sponsor News



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We would like to give  thanks to our Sponsors for their support.

  • Carey Olsen
  • KPMG
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Piercing the ‘corporate veil’ - the Russian Federation and Yukos Oil, where Russian vodka rights have been seized.

John Greenfield, Guernsey senior partner, and Julia Schaefer, Guernsey senior associate, were requested by the parties in dispute with the Russian Federation to give expert evidence on issues involving piercing the ‘corporate veil’ of companies and trusts against the factual background set out via the linked article below.

This evidence was put before the Court of Appeal of the Hague and resulted in a successful outcome leaving the Russian Federation facing a compensation/damages award of some US$57 billion.

Further appeal proceedings are anticipated.

View article

Did you know GAT has a Linkedin page? Follow us to ensure you keep up to date with news and events.

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