July 2020

Sanctions Notice – Cyber Crime

Please be advised that an asset freeze and travel ban have been imposed on six people and three entities under the EU’s cyber sanctions regime.  The six people who have been designated are Gao Qiang, Zhang Shilong, Alexey Valeryevich Minin, Aleksei Sergeyvich Morenets, Evgenii Mikhaylovich Serebriakov, and Oleg Mikhaylovich Sotnikov. The three entities that have […]

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Global Insurance Group Limited (“GIGL”), Christopher Schofield, Andrew William Robert

On 8 June 2020, the Guernsey Financial Services Commission (the “Commission”) decided: To make a public statement under section 11C of the Financial Services Commission Law & to impose a financial penalty of; £42,000 under section 11D of the Financial Services Commission Law on GIGL; £17,500 under section 11D of the Financial Services Commission Law

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Thematic Review on Source of Funds (“SOF”) / Source of Wealth (“SOW”) in the Private Wealth Management sector

The Commission has issued its report on the thematic review of SOF / SOW in Guernsey’s private wealth management sector. The review was undertaken during the second half of 2019.   A copy of the thematic review can be found by clicking here.  The Commission encourages all firms, regardless of their sector, to undertake the following steps

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Sanctions Notice – UK Sanctions: Global Human Rights

On 6 July, the United Kingdom made the Global Human Rights Sanctions Regulations 2020, which comprise the first UK sanctions regime to operate under the UK’s Sanctions and Anti-Money Laundering Act 2018 (Sanctions Act). Guernsey will be enacting corresponding regulations imminently however, it is strongly recommended not to release any relevant assets in the interim, as they

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