Welcome to your July Newsletter |
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Our monthly roundup of news, events and sponsor reading material. |
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GAT is generously sponsored by: If your member firm is interested in sponsoring GAT, please contact us. |
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Members' Area The Members' Area will develop over time, and will be populated with consultation responses and papers / advice issued by GAT and / or the Technical Committee. |
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Dear Members, Welcome to the July edition of the GAT monthly newsletter. Thanks to our sponsors Lloyds Bank International, Carey Olsen, KPMG, Ruffer and Aspida Group for their continued sponsorship and support. The GAT/STEP Joint Technical Committee continue to work alongside other industry associations to ensure industry-wide engagement with the Guernsey Registry, the Commission and the States of Guernsey on an on-going basis to raise concerns about proposed changes. |
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Please also see the most recent consultation papers and our responses below or via the Members' Area. If there are any consultations which you would like to feedback on, we always welcome your thoughts via email - info@guernseytrustees.org. Our next luncheon is scheduled to take place on Wednesday 13th September in the Regency Room at the OGH, when our sponsors Lloyds will present. Registration will be available in due course and an invitation will be sent to all members. Please also note an event which we are hosting to complement Sustainable Finance Week on 22nd September at which John Pepin, CEO of Philanthropy Impact, will deliver a presentation titled Intergenerational Investment and Philanthropic Drivers. For further details please see the events section below. The dates of future luncheons can be viewed and/or booked (when live) via our interactive calendar at http://www.guernseytrustees.org/calendar As always, I would be pleased to hear from members to understand any general frustrations or concerns you may have. Please do contact me. With warmest wishes from GAT, enjoy your July newsletter. Kind regards Rhona Humphreys GAT Chair |
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Updates to the AMLCFT Handbook |
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During July the Commission issued an updated Handbook on Countering Financial Crime and Terrorist Financing following consultations on rules and guidance in relation to an independent audit function, business risk assessments, virtual asset service providers and additional information disclosures for licensed trustees and partners. They have also updated Appendix I of the Handbook which lists jurisdictions identified by external sources as presenting higher risk of money laundering and terrorist financing reflecting the Financial Action Task Force’s updated list of jurisdictions under increased monitoring. |
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AI & Finance in Guernsey: The Power and the Implications |
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Commission consults on fees for 2024 |
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The Commission has launched a consultation paper on proposals for increasing the licence fees paid by firms. The consultation period will close on Wednesday 20 September. The Commission is consulting on an overall increase in fees of 7.3%. Other specific proposals relating to fees that are outlined in the consultation paper are: an increase in the regulatory fee when operating an investment exchange within the Bailiwick; and an update to the fees for virtual asset service providers within an Actively Managed Certificate structure.
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Thematic Review of managing the risk posed by Politically Exposed Persons |
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The Commission has issued its report on the thematic review of the effectiveness of firms’ monitoring of, and compliance with, requirements for managing the risks posed by Politically Exposed Persons (“PEPs”). A copy of the thematic review is available via the legislation and guidance page or via this link Full details of the findings are available here. |
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UK's first law enforcement data adequacy decision since leaving EU sees Bailiwick of Guernsey's strong privacy laws recognised |
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UK law enforcement authorities will be able to freely transfer personal data to Guernsey Police, the Economic & Financial Crime Bureau, and the Guernsey Border Agency under legislation laid in Parliament today. The UK Government's positive decision on Guernsey is the first law enforcement data adequacy decision it has made using new powers gained since leaving the European Union. This data adequacy decision will help Bailiwick Law Enforcement and the EFCB prevent crime and work with UK authorities during investigations. It provides UK authorities greater certainty and confidence in the regulatory landscape of Guernsey. |
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Scrutiny Management Committee seeks individuals to join Financial Scrutiny Panel |
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The Scrutiny Management Committee is seeking expressions of interest from local residents wishing to be considered for membership of its Financial Scrutiny Panel. This role will commence in September 2023 and continue until June 2025. The Scrutiny Management Committee's Financial Scrutiny Panel is a sub-committee consisting of elected States' Deputies and members of the public, who provide advice to the panel. The Committee is looking to refresh the membership of this panel to assist in addressing the major financial challenges facing the government in the remainder of this political term.
Whilst there are no formal qualifications required, significant relevant experience in financial, commercial, or legal matters, is highly desirable. Find out more here, including how to apply. |
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Upcoming dates to note for your diary are included below. Remember to check our interactive events calendar to book industry presentations and other events that may be of interest. |
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STEP Guernsey Lunchtime Lecture 2023/2024 Series |
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The STEP Lunchtime Lecture series is on a summer break and will return in September. |
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STEP Guernsey launches NextGen Initiative In the meantime we are encouraging those interested to attend out STEP NextGen Initiative Launch Party at Octopus on Thursday 28th September. Our NextGen Initiative will focus exclusively on the next generation of fiduciary professionals. |
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Special events during August |
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Policy & Resources Committee and the Financial Intelligence Unit are hosting a number of joint events during August which will be of interest not only to MLROs and compliance personnel, but also to directors and other senior personnel so please do consider attending. 4 August - 9am, 11.30am and 2.30pm, Duke of Richmond Edgar Lopez (Gibraltar) and Phil Hunkin (Isle of Man) to give presentations to the private sector on practices to counter the financing of proliferation of weapons of mass destruction. These presentations will include practices to counter sanctions evasion. Edgar and Phil are Directors of their respective jurisdictional Financial Intelligence Units and are key international contributors on this crucial subject. ------- 7 August - 9am, 11.30am and 2.30pm, Les Cotils Andrew Mackay CAMS will give presentations to the private sector on Terrorist Financing topics of current interest and sanctions evasion typologies. Andrew Mackay CAMS is a former Royal Navy Intelligence Officer with service in the Balkans, the Middle East, South Asia and Washington DC and formerly Head of Financial Crime Threat Mitigation for HSBC Bank, Malta. The events will be free of charge and can be booked via the buttons below. |
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MSc Corporate Governance/Graduate CG – Fast Track The GTA University Centre is delighted to offer this 18 month, fast track programme, providing dual qualifications – MSc Corporate Governance and Grad CG. This popular programme will provide you with a highly specialised set of skills and develop your ability to appreciate and influence the factors governing corporate affairs. In this context, ‘corporate’ is used in its wider sense and therefore includes private, public and not-for-profit organisations. If you already hold full The Chartered Governance Institute CSQS, CCAB, ACA, ACCA or CIMA or equivalent, you would be eligible for entry to the MSc Corporate Governance/Grad CG Fast Track. Cost: £8,000 Start Date: September 2023 Course Length: 18 months Venue: Online Further details and registration here Please contact michelle.morley@gta.gg, GTA Head of Programmes, for further details on the above course. |
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Upcoming event for A-Level Students |
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The Commission is hosting a presentation on Financial Regulation in Guernsey at its offices on 9 August from 10am - 11.30am. This is aimed at A-Level students wanting to know about financial services regulation. To register attendance, please contact our HR team at hr@gfsc.gg Download the flyer here |
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Guernsey Private Wealth Forum 2023 - Thursday 02 November 2023 |
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Save the date for the return of the annual Guernsey Private Wealth Forum in London, where experts will discuss the latest trends in the sector and share the strengths of Guernsey as a jurisdiction of choice for private wealth. Providing specialist wealth management services for sophisticated clients and their families is a long-established tradition for Guernsey. With its robust constitutional, legislative and regulatory framework, the island provides a safe and secure environment for private wealth. More information on speakers and content to follow, should you have any questions, please contact Emily Wild. |
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The Great Wealth Illusion |
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Harry Houdini was a master of deception. He mystified crowds with his death-defying routines, appearing to flout the laws of nature. From 1891, Houdini traded on the illusion of immortality – until his death in 1926. Today, in the theatre of financial markets, we remain just as beguiled by the power of illusions. And there is one investors should pay particular attention to – the bezzle. Investment Manager Jasmine Yeo discusses the wealth illusion, and what it means for modern investors. |
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We believe that strong relationships are the key to good business. That’s why our Islands Commercial team are by your side to support you and your business every step of the way. We’re here for your business whenever you need us. Contact us or visit our website for more information. |
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