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

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.

Message from the Chair

GAT has a powerful voice locally and through the association we have an opportunity to continue to influence and contribute to the evolution of the fiduciary industry and the legal and regulatory regimes that impact us. I would encourage you all to play an active role in the association – please come to our luncheons, raise issues of concern, and suggest ideas for how we can better promote our industry.

I’m really looking forward to serving you all as Chair, and to working with the rest of the Committee, to represent and promote our industry.

Kind regards

Kerrie Le Tissier

GAT Chair

NEWS

GAT Executive Committee - July 2024

The GAT 2024 Annual General Meeting took place at Moores Hotel on Thursday 11th July.

Congratulations to Kerrie Le Tissier, who succeeds Rhona Humphreys as Chair. Rhona held the role of Chair for the 4 years, having been a member of the GAT Executive Committee since 2010. We express our sincere thanks to Rhona for her commitment and hard work as Chair - which has been one of the busiest and most testing periods for the industry in the lead up to Moneyval, throughout which Kerrie as Head of Technical, also played a key part. We are delighted that Rhona will continue to sit on the Committee as Immediate Past Chair, a non-voting role.

We also welcomed 2 new committee members, Charisma Lyall and Ryan Courtney.

Stuart Sarre has stepped down after 2 years on the Committee. We express thanks to Stuart for his much appreciated time and dedication.

MONEYVAL: Jersey’s strength in combatting financial crime is recognised

Jersey has been recognised as a responsible finance centre that upholds international standards for combatting money laundering and countering the financing of terrorism following its independent MONEYVAL report, published on 24 July, which concludes that Jersey’s effectiveness in preventing financial crime is among the highest level found in jurisdictions evaluated around the world.

The MONEYVAL Fifth Round Mutual Evaluation Report assesses Jersey against international standards to determine the effectiveness of the Island’s anti-money laundering and counter-terrorist financing measures.

Key conclusions from the report include:

• In respect of risk understanding and national co-operation and co-ordination, Jersey reaches a level of effectiveness only seen in three other jurisdictions worldwide

• Jersey is praised for the accuracy and transparency of beneficial ownership information for legal persons and arrangements, with the report recognising the range of mitigating measures in place to reduce risk which occur in few other countries

• Jersey is recognised for its important and effective role in providing mutual legal assistance and other international co-operation, demonstrating its commitment to being a responsible international partner

• No “fundamental improvements” are required to the Jersey regime

• There are recommendations for improvements in the areas of supervision, preventative measures, financial intelligence and investigation and prosecution, where many actions are already underway

Updates to the AML/CFT/CPF Handbook

The Guernsey Financial Services Commission regularly updates the AML/CFT/CPF Handbook.

GAT encourages all members to check the Handbook Page on a regular basis to ensure you are informed. Current Notices, Instructions and Warnings can be found HERE.

Discussion paper on the future of sustainability reporting in the Bailiwick of Guernsey

The Guernsey Financial Services Commission has issued a discussion paper seeking views on international sustainability reporting in the Bailiwick. Responses are sought by 25 October 2024. The paper is intended to enable the Commission, in discussion with the finance industry, to explore the next steps that the Bailiwick of Guernsey can take to meet the challenges presented by sustainability and climate change risk.

This discussion paper provides a summary of recent international developments in the area of sustainability reporting, including the work of the International Sustainability Standards Board (ISSB), and seeks to gather information and views from the finance sector on the potential impact the introduction of these standards could have.  The paper also seeks views on additional steps which might be taken to enhance licensees’ sustainability risk governance and management.

Commenting on the discussion paper, Co-Deputy Director General, Investment, Fiduciary and Pension Division, Gillian Browning, said: “This discussion paper is deliberately discursive because we are eager to receive feedback regarding what could be appropriate and proportionate regarding sustainability reporting for the Bailiwick. The Commission considers this to be an important topic but remains open minded regarding what the next steps should be”.

We would like to encourage your engagement on this issue. Members are invited to either participate directly and/or share any comments with our ESG Subcommittee which has been formed jointly with the local branch of STEP. The ESG Subcommittee is compiling a comprehensive response, and your feedback is an important part of this process.

Please send your comments to Greta Pender.

New Chairman and Vice-Chairman for the Commission

The Guernsey Financial Services Commission is pleased to note that John Aspden has been appointed as Chairman following approval by the States of Deliberation. John, who has been a Commissioner since 2017 and Vice-Chairman since February 2023, has taken over from Julian Winser who retired as Chairman and Commissioner in May. The Commission has also elected a new Vice-Chairman, Anna Guggenheim KC.

In addition to his role at the Commission, John is Chairman of the Group of International Finance Centre Supervisors and co-chairs the Basel Consultative Group. John has had a noteworthy executive career in international finance including being Managing Director of Matheson InvestNet Ltd, at the time Hong Kong’s largest independent distributor of, and adviser on, collective investments for retail investors.

Anna was appointed as a Commissioner in January 2024. From 2014 until 2023 she was a partner in the dispute resolution team at Babbé LLP in Guernsey, undertaking litigation and mediation in the fields of financial services, trusts and banking. She was called as an Advocate of the Guernsey Bar in 2016. Before moving to Guernsey, Anna practised as a barrister, and sat as a Circuit Judge, in London. She was called to the Bar of England and Wales in 1982 and was appointed Queen’s Counsel in 2001.

DPA encourages islanders to have their say on IDP review as deadline approaches

Members can find out more details about the DPA's proposed amendments by clicking the button below and following the link to an online platform so that they can share their views on the changes to help shape the IDP. Alternatively, a form for making representations is available in the downloads section of the webpage HERE which can be printed off and completed. The deadline for making comments and suggestions (known as a representation) is 5pm on Monday 29th July, 2024.

The proposed changes are also displayed on boards in Edward T. Wheadon House which can be viewed between 9am and 4pm, Monday to Friday.

Participation in work survey launched

The States of Guernsey have launched a survey seeking to understand more about how people spend their time either in work or in the community in order to inform its research about participation in work.

All islanders are welcome to contribute, but the survey asks more detailed questions of those who indicate they are looking to change the number of hours they work or are facing barriers to doing so. The survey also asks about time spent volunteering, caring, looking after children and other social responsibilities.

Liz Laine, Senior Economist, said: "The States of Guernsey are always looking to improve their understanding of island life, and with this survey we are seeking to understand the factors that could be barriers to some members of our community working as much as they might like to. We are interested in hearing about your experience, regardless of whether you would like to work more, or less, than you are currently able; or perhaps you are looking to change your work-life balance; or you are struggling to find an appropriate role. This information will be used alongside our existing workforce statistics, to give us a much richer view of how people are engaging with employment in Guernsey".

The survey is open until 15 September 2024.

EVENTS

Please SAVE THE DATE for the next GAT Luncheon taking place on Wednesday 18th September 2024 at 12.30pm in the Conservatory of Moores Hotel.

The Luncheon will feature a topical presentation from one of our annual sponsors and GAT Chair, Kerrie Le Tissier will also provide an industry update.

Our popular events give members the opportunity to network and to catch up on relevant news among peers on issues that affect the fiduciary community.

The ticket price includes a buffet lunch served from 12.30pm.

An exciting line-up of speakers has been confirmed for a technology conference jointly hosted by the Guernsey Financial Services Commission and Guernsey Finance.

‘Finovation: The Guernsey Edge’, taking place on Wednesday 11 September, will consider the opportunities for Guernsey to leverage its nimbleness, robust legal framework and approach to regulation to make financial services better with technology.

The one-day conference will feature a keynote address from The Lord Sedwill KCMG, former UK National Security Advisor and Cabinet Secretary. Lord Sedwill will be joined by leading voices on cyber security, digital money and quantum computing. Speakers include Tim Jones CBE, executive director at Tata Ltd, and co-inventor of Mondex digital cash, who will talk about digital money, and Dr Dan Brown from University College London, who will talk about an innovative new algorithmic fund which recently launched in Guernsey.

SAVE THE DATE - Guernsey Private Wealth Forum 2024

The 2024 Guernsey Private Wealth Forum will take place on Wednesday 16th October at 8 Northumberland Avenue, London.

‘Wealth in Transition’ is the theme of the Forum and will explore the nature of change within families across the globe. The event will feature many expert speakers including very special guest Steven Bartlett, host of Europe’s No.1 Podcast, ‘The Diary of a CEO’.

A selection of upcoming courses through the GTA

Introduction to the Finance Industry

This course aims to offer an introduction to the Guernsey Finance sector for newcomers to the market. Participants will explore the fundamental features of Offshore Funds, Trusts Structures, Captives, and Banking through four interactive, informative and engaging sessions.

Cost: £355
Date: 3 September 2024
Venue: GTA University Centre

Course Length: 09:00 to 17:00

Further details and registration here

Board AML and CFT Updates

This course offers a comprehensive and interactive refresher on AML (Anti Money Laundering) and CFT (Combating the Financing of Terrorism) and is aimed at directors and senior management of financial services businesses in Guernsey.

Cost: £245
Start Date: 12 September 2024
Venue: GTA University Centre
Times: 9:00 to 13:00
Further details and registration here

Introduction to Taxation for Trust Administrators

This course is intended as an introduction for trust administrators who require an understanding of taxation.

Cost: £325
Start Date: 18 September 2024
Venue: GTA University Centre
Times: 9:30 to 16:00
Further details and registration here

Trust and Company Bookkeeping – Level 1

The session gives trust administrators and those new to client accounting a sound grasp of basic trust and company accounting; it will ensure that you understand debits and credits and the basics of preparing simple financial statements.

Cost: £355
Date: 19 September 2024
Venue: GTA University Centre

Course Length: 09:00 to 17:00

Further details and registration here

IoD Introductory Certificate in Board Readiness

This foundation programme is an important start to the IoD qualification pathway and has been designed to support the next wave of talent in Guernsey. The IoD Introductory Certificate in Board Readiness is suitable for any manager or leader that is responsible for reporting to a Board, or who aspires to be a director in the future.

Cost: £355
Date: 19 September 2024
Venue: GTA University Centre

Course Length: 09:00 to 17:00

Further details and registration here

Please contact steve.lasenby@gta.gg, GTA Programmes Manager, for further details on any of the above courses.

SPONSOR ARTICLES

The proceeds of crime law and unregulated trustees

The Criminal Justice (Proceeds of Crime) (Bailiwick of Guernsey) Law, 1999 ("Proceeds of Crime Law") has been extended to cover unregulated trustees and partners. This extension took effect on 16 October 2023 and introduced additional obligations that unregulated trustees and partners must comply with in addition to their existing obligations under the relevant laws (e.g. Trusts (Guernsey) Law, 2007).

These measures were introduced to comply with the Foreign Action Task Force's recommendation to ensure that adequate, accurate and up-to-date information on legal arrangements is maintained within Guernsey and can be obtained or accessed efficiently and in a timely manner by the authorities.

Read the article in which Patricia Montgomery and Ardra Swaraj outline the additional obligations, explain to whom they apply and highlight the resulting penalties for non-compliance.

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