Our monthly roundup of news, events and sponsor reading material.

Message from the Chair

Thank you to those members who have settled their subscription fees so promptly. If you have not seen your invoice, please contact us. If, due to the lockdown measures, you are unable to settle your invoice, this is understandable, but please let us know.  

Enjoy your January newsletter. 

Kind regards

Rhona Humphries

GAT Chair

NEWS

Commission staff to work from home

The Commission confirms that with immediate effect, the vast majority of its staff will be home working. The Commission’s Authorisations team remains open for business. The switchboard will continue to operate during normal office hours and callers will be asked by the receptionist to provide their contact details in order that a member of staff can call or email them back. Firms are asked to be patient as the Commission’s staff become re-accustomed to their new working arrangements.

AML/CFT Handbook - Appendix I Update

Earlier this month the Commission updated Appendix I to the Handbook as a result of the FATF's announcement that it has removed The Bahamas from its list of jurisdictions under increased monitoring. The Bahamas has strengthened the effectiveness of its AML/CFT system and addressed related technical deficiencies to meet the commitments in its action plan and remedy the strategic deficiencies identified by the FATF in October 2018.

Appendix I lists countries and territories that are identified by relevant external sources as presenting a higher risk of money laundering and/or financing of terrorism. Firms are encouraged to review the updated Appendix I in order to assess the impact that these changes may have on their business.

The FATF page on High-Risk and Other Monitored Jurisdictions can be found here.

Updated and tracked versions of Appendix I can be found within the Notices, Instructions & Warnings page.

An updated version of the Handbook will be released by the Commission in due course.

Sanctions Notice - Changes relating to BREXIT

Please note the following changes to the legal framework for implementing sanctions measures in the Bailiwick as a result of Brexit. These changes came into force at 11pm on 31st December 2020.

The Policy & Resources Committee has made the Sanctions (Implementation of UK Regimes) (Bailiwick of Guernsey) (Brexit) Regulations, 2020 (the 2020 regulations). A copy of the 2020 regulations can be found here. Their overarching effect is to change the Bailiwick’s sanctions framework from one that implements EU sanctions regimes to one that implements UK sanctions regimes.

Under the 2020 regulations, all targeted financial sanctions and other measures under UK sanctions regimes are implemented in the Bailiwick (including UN regimes, such as those that relate to terrorist financing and the financing of the proliferation of weapons of mass destruction). The 2020 regulations also repeal the measures that were previously in place to implement EU sanctions regimes.

This is largely a technical change, as the UK sanctions regimes broadly replicate the EU sanctions regimes that they replace. However, there are some differences, both as to the scope of the UK sanctions regimes themselves and as to the persons that are designated under those regimes. 

States of Guernsey customer services update

States of Guernsey customer services returned to a remote service on Monday 25 January until further notice following the Civil Contingencies Authority (CCA) decision for an immediate lockdown.

The States' response to the COVID-19 pandemic last year included a significant focus on maximising the use of technology to ensure the continued delivery of many vital services to the community in the event that we are once again encouraged to stay home and protect our community.

All States of Guernsey administrative buildings are now closed to the public.

This includes: 

• Brickfield House
• Bulwer Avenue
• Edward T. Wheadon House
• Raymond Falla House
• Sir Charles Frossard House

Beau Sejour is also closed to the public, but remains open for the Community Vaccination Centre.

Income tax returns extensions

The Revenue Service is further extending the deadline for 2019 income tax returns from 28 February 2021 to 31 March 2021.

The change in date is in recognition of the impacts the latest COVID-19 restrictions are having on many Islanders and businesses.

Some corporate customers have also experienced technical difficulties in using the online corporate portal and this extra time will allow the Revenue Service to resolve these issues.

Following the 2019 deadline the Revenue Service will make the 2020 income tax returns available. It is expected this will be around mid-April with the actual date to be released closer to the time.

For individual customers, the Revenue Service will launch a new online personal return at this time.

Nicky Forshaw, Director of Revenue Service said:

"We are working on a new online return tool which will have more smart functionality, making it easier and faster for customers to complete their return online.

This forms part of the States' digital strategy which is all about giving the public access to States' services in a single online space.

Customers will still be able to use paper forms to complete their returns. These will be made available at the same time."

The Guernsey Economic and Financial Stability Overview Payroll co-funding scheme and hardship fund reinstated

The Policy & Resources Committee today agreed to reinstate the payroll co-funding scheme to support businesses not able to trade during the second lockdown, and the hardship fund for individuals facing financial difficulties as a result of the lockdown.

The list of eligible sectors is based on that used in the early part of the first lockdown and is intended to capture sectors where trade will be heavily restricted during this period. Eligible businesses will be able to apply from the 1st February in order to claim for the period commencing 23rd January.

Going forward payroll co-funding payments will be made to eligible businesses on a monthly basis using the automated online claims process.

Resilience a key strength for Guernsey going into 2021

The Chief Executive of Guernsey Finance last week outlined how the agency worked to overcome the challenges of the Covid-19 pandemic and, with anticipated increased funding from the States of Guernsey, will be seeking to develop further during 2021.

Rupert Pleasant was speaking at his first Industry Update event in Guernsey as Chief Executive, having taken up the role in May last year.

He explained to an audience of more than 200 that the island’s financial services industry had done well during the past year and was now well positioned for further growth.

“We demonstrated safety, security, stability and resilience through our response to Covid. It has been almost seamless business as usual for the past year. There is now huge interest in Guernsey and we need to capitalise on this.

“Our messaging is good and on target. Green and sustainability as a golden thread through our strategy is starting to gain recognition. We are a force for global good.”

GIBA meeting summary minutes

Please find below a link to the summary minutes for December's meeting of GIBA Council.  Click here to download

EVENTS

STEP Lunchtime Lecture Series

Following the reintroduction of lockdown with immediate effect on Saturday 23rd January, it will not come as a surprise that our 'in person' STEP Guernsey lunchtime lecture series has been suspended until further notice.  
 
We will continue to deliver a virtual programme of events over the coming weeks.  

Please ensure that you/your colleagues are on our local branch mailing list to continue to receive updates from STEP Guernsey, as this will be our main channel of communication at this time.  If you wish for a colleague to be added to our mailing list, please sign up here - STEP Guernsey Mailing List

Our virtual lectures are available for a short period after the lecture.  You can view details here - STEP Guernsey Online Lectures - please contact us for individual passwords.

Matt will be covering the following topics which may arise:

• What does trust look like in aviation and why

• What will trust lead to and what you should expect?

• Choosing those to join your aviation department and what to consider

• Your health check and audit - GFSC and Moneyval

• A case study

• Questions to ask

• Things you should expect

• Finding the support you need

Ben Rhodes of Grant Thornton will present: "Areas of Danger for Trustees and Company Directors - an Insolvency Practitioner's Perspective"

Summary:

• Governance
• The insolvency ‘twilight zone’
• Accounting information and directors’ personal exposure
• Potential threats and ways to mitigate those threats

February GTA Courses & Events

Members may be interested in the following courses and events taking place in February, all of which are anticipated to be delivered online in a virtual classroom:

Introduction to Trust Law and Administration

This one day course delivered virtually via Zoom provides an ideal introduction to Guernsey trust law and its application to trust administration for those new to the trust industry or refresher for those wishing to brush up on their existing knowledge.    

Whilst the theory behind the law will be taught the emphasis for this course is on the practical application of the law and regulations to the role of an administrator in the workplace. 

Cost: £295

Dates: 2 February 2021

Venue: Online via Zoom

Times: 09.30 to 16.00 

Further details and registration here.  

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Launch – IoD development programmes 

Join us over your lunch hour via Zoom to learn more about the IoD Certificate and Diploma in Company Direction and the IoD Certificate in Board Readiness. 

There will be a short presentation by IoD Guernsey and the GTA and the opportunity to speak to past students followed by a wider Q&A.  

Cost: FREE

Enrol by: 4 February 2021

Venue: Online via Zoom 

Further details and registration here.

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Introduction to Company Law and Administration 

This one day course delivered virtually via Zoom is suitable for those who are new to company administration or who would appreciate a refresher.

It covers the responsibilities and duties of the role, together with an overview of company accounts and an introduction to The Companies (Guernsey) Law, 2008. 

Cost: £295

Start Date: 9 February 2021

Venue: Online via Zoom 

Further details and registration here.   

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Compliance CPD Series 2021 – Session 1 – Compliance – Tips for best practice 

Join Lindsay Fox of Platinum Compliance for a one hour lunchtime session to explore some essential tips for best compliance practice. 

In this ever-changing regulatory world it is important to ensure that effective compliance processes are in place – it is not just about applying the law blindly but implementing it effectively. 

Cost: £45 (or £360 for the series of 10 sessions throughout 2021)

Begins: 18 February 2021

Venue: Online via Zoom (unless advised otherwise)

Times: 12.30 to 13.30 

Further details and registration here. 

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