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

The GAT/STEP Joint Technical Committee continue to work to ensure industry-wide engagement with the Guernsey Registry, the Commission and the States of Guernsey on an on-going basis and raise concerns about the ongoing changes. All consultations and responses where relevant, can be found in the Members' Area. If there are any future consultations which you would like to feedback on, we always welcome members' input. Please email info@guernseytrustees.org

The next GAT Luncheon will take place on Wednesday 22nd May when Neil Hoolahan and Charisma Lyall of Grant Thornton will present for members. Please note that from May the GAT Luncheons will move back to the Conservatory at Moores, following the completion of their refurbishment project. Further information and booking will be circulated via the mailing list in due course.

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.

Kind regards

Rhona Humphreys

GAT Chair

Expressions of interest to join the GAT Committee invited

The GAT Annual General Meeting will take place on Wednesday 26th June. Expressions of interest are invited from members who would like to consider standing for election to the GAT Executive Committee, due to the tenure of current committee members coming to an end.

Should you be interested or like further information, please contact us.

NEWS

Commission signs Memorandum of Understanding with the European Central Bank

The Guernsey Financial Service Commission has signed a Memorandum of Understanding (MoU) with the European Central Bank (ECB), the authority responsible for monetary policy and the supervision of significant banking institutions across the Eurozone.

The MoU provides a framework for cooperation and information sharing between the two authorities.

Speaking about the MoU, the Commission’s Director General, William Mason, said: “Developing international standards and fighting financial crime are global challenges requiring global responses and international regulatory cooperation. This MoU signals both our and the European Central Bank’s commitment to international cooperation and providing effective banking supervision across our jurisdictions. We look forward to continuing to work with the European Central Bank on matters of shared interest.”

Sanctions guidance and standard forms

The Policy & Resources Committee has enhanced the sanctions-related information on the States of Guernsey website with the addition of guidance on challenging designations and obtaining assistance with the unfreezing of funds. Standard forms are also now available on the website in relation to the making of reports, challenging designations and making designation proposals.

Businesses should take steps to familiarise themselves with the guidance and should also ensure that they have made all necessary reports in line with the reporting form.

The standard forms for the making of reports, challenging designations and making designation proposals can be found under the 'Reporting Obligations', 'Unfreezing and De-Listing', and 'Proposals for Designation' subheadings within the linked webpage.

Further information is available by clicking the button below.

National Risk Assessment for Legal Persons and Legal Arrangements Report published as part of the Bailiwick’s commitment to combatting financial crime

The States of Guernsey has published a report concerning the Bailiwick of Guernsey's money laundering, terrorist financing and financing of proliferation of weapons of mass destruction risks from legal persons and legal arrangements. The report follows, and supplements, the Bailiwick of Guernsey’s second National Risk Assessment, also known as NRA2, which was published in December 2023.

When NRA2 was published at the end of 2023, it was decided to publish a separate risk assessment of legal persons and legal arrangements in 2024, in order to facilitate maximum benefit to all stakeholders and ease of use.

More than 400 people came together at an event at Beau Sejour on Tuesday 9 April 2024 to hear about the findings of this report. This great turnout reflects the importance of assessing risk in this area, which is underlined by its inclusion as the first strategic pillar in the Bailiwick’s 2023 National Strategy for Combatting Money Laundering, Financing of Terrorism and Financing of Proliferation of Weapons of Mass Destruction.

Firms are strongly encouraged to read and familiarise themselves with this report, and, where appropriate, should also consider the conclusions of this supplementary report when they next review their Business Risk Assessments.

The Committee for Home Affairs and Policy & Resources Committee provide an update on the Bailiwick's MoneyVal assessment

On Friday 26 April, the MoneyVal secretariat and evaluators concluded the two-week phase of on-site technical assessment that will form the basis of the overall review of the Bailiwick.

The assessment has included agencies and bodies of the States and the judiciary, as well as the regulator and Bailiwick businesses.

Deputy Rob Prow, President of the Committee for Home Affairs said:

"The on-site evaluation has been a very intense phase of the overall MoneyVal assessment. This phase was transparent, constructive and technically detailed, and I thank the secretariat and evaluators for the way that they have engaged with us. The agencies and bodies of the Bailiwick have worked exceptionally hard in order to ensure that the secretariat and evaluators have been provided with the fullest possible picture, and will now ensure that all of the follow-up information is provided in a full and timely manner.

"We expect to see a draft report from the secretariat in the next few months, which we will have an opportunity to comment upon after that. The final outcome report will not be published until early 2025. We are aware of the initial findings of the secretariat and evaluators, and believe that they provide a constructive basis on which the final report will be based. The Bailiwick has an absolute commitment to meeting the international standards reflected in the FATF recommendations against which Moneyval is assessing us, now and in the future."

Selected employers invited to complete the 2024 Economic Activity Return

Invitations to complete the annual Economic Activity Return are being issued to selected employers that operate in Guernsey and Alderney.

Around 500 employers are selected to complete the return each year. Those selected for 2024 will be contacted directly via a letter from today. The Return can be completed online or in digital or paper copy, but completing it is a requirement under law for all selected employers.

The Return asks employers to provide information relating to certain types of incomes and expenditures over the past two years and forecast those for the next two years. This information enables calculation of Gross Value Added (GVA) and Gross Domestic Product (GDP) more accurately than in the past.

Policy & Resources Committee responds to ODPA finding on employer references for job applicants

The issue has come to the fore as a result of a decision by the Office of the Data Protection Authority, against the Committee, and the ODPA's public statement on the matter today which indicates to all employers that their job references will not necessarily be considered confidential.

The Committee's view is that the ODPA's current interpretation of the law in Guernsey is too narrow and creates a situation where employers will feel unable to provide honest feedback in a reference, effectively removing any real value of references altogether. The Committee believes this has serious implications for recruitment in Guernsey and therefore must be addressed.

The Committee has accepted the ODPA's decision in this specific case but intends to discuss with the Committee for Home Affairs what changes should be made to Guernsey's current data protection legislation. Without a change, the Island is not aligned with England and Wales. The Committee hopes this will lead to changes that ensure the law provides much greater certainty that job references should be treated as confidential in the hands of both the past employer and prospective employer.

Guernsey Finance appoints new board member

Guernsey Finance has announced the appointment of a new board member.

Deputy Nick Moakes, who is Financial Services Lead for the States of Guernsey’s Committee for Economic Development, has taken on the role which will provide additional support to the board of the island’s promotional agency for financial services. He joins Paul Sykes, Kate Storey, Deputy Steve Falla, Guernsey Finance Chief Executive Rupert Pleasant, Deputy Chief Executive Barnaby Molloy, Deputy Chairman Kevin Boscher and current Chairman Deputy Lyndon Trott.

Originally based in London, Nick spent 25 years working for some of the world’s leading financial services companies including Visa and American Express. Nick is the current Chair of the Finance Sector Forum and regularly represents Guernsey, both here and abroad, in his external relations role.

Nick said: “I am passionate about our financial services sector, so I am thrilled to be joining the board of Guernsey Finance. I will continue to speak up for the sector and represent it both locally and internationally.”

EVENTS

STEP Guernsey warmly welcomes you to this upcoming lecture of the 2023/2024 series.

Venue: The Colborne Room, OGH Hotel

Date/Time: Wednesday 15th May, 12pm - 1pm

Topic: English Divorce and Offshore Trusts: Where trustees, settlors and beneficiaries often go wrong

Speakers: Catherine Costley & Joshua Moger, Fladgate

We are delighted to welcome guest speakers Catherine Costley and Joshua Moger of Fladgate, who will be presenting a summary of the English law on divorce and trusts, an update on the latest legal guidance and a look at where trustees, settlors and beneficiaries often go wrong.

STEP Guernsey’s flagship event allows delegates to meet, network and gain important knowledge and technical updates from outstanding speakers in the industry. Delegates will gain valuable CPD points whilst learning from industry experts about a broad range of relevant and current topics.

For 2024, this will be held on Wednesday 12th June with a networking breakfast in the Concourse, followed by the main event in the David Ferguson Hall at Beau Sejour, Amherst, St Peter Port, Guernsey.

For further details, including speakers and the agenda or to book, please click the button below.

Members are warmly invited to the next GAT Luncheon taking place on Wednesday 22nd May 2024 at 12.30pm in the Conservatory at Moores Hotel.

Our guest speakers will be Neil Hoolahan and Charisma Lyall of Grant Thornton.

GAT Chair, Rhona Humphreys will also deliver the an industry update.

Further details and an invitation to book will be sent via the GAT mailing list in due course.

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.

More information on sponsorships and how industry can support the event will be available in due course.

Please contact Rosie Courtney with any enquiries.

A selection of upcoming courses through the GTA

Fund Bookkeeping

This fund bookkeeping course will suit new entrants into the fund sector and/or parties looking to further understand the bookkeeping and accounting transactions of a fund.

Cost: £355
Date: 16 May 2024
Venue: GTA University Centre

Course Length: 09:00 to 17:00

Further details and registration here

How to Read a Set of Accounts

For those not used to dealing with accounts, trying to read and interpret a set of accounts can seem a challenge. This course will help you to understand the terminology so that you can understand what you are reading.

Cost: £325
Date: 16 May 2024
Venue: GTA University Centre

Course Length: 09:30 to 16:00

Further details and registration here

Data Protection Workshop

This course provides a practical guide to implementing a compliant data protection regime within a business and has been updated to provide details of the new Registration & Levy regime, the role of an ODPA Levy Collection Agent and the new guidance around being “registered” in the Bailiwick of Guernsey.

Cost: £325
Start Date: 21 May 2024
Venue: GTA University Centre
Times: 9:30 to 16:30
Further details and registration here

Advanced Minute Taking for Guernsey Fund and Trust Professionals

This course is designed to build upon existing knowledge of minutes and minute taking to provide additional skills to those who take minutes, to improve effectiveness, efficiency and confidence and improve understanding of the entire process. Delegates will go back to the basics of company law regarding the requirements to take minutes, develop practical skills and get practical guidance on how to overcome common problems and issues. 

Cost: £215
Date: 22 May 2024
Venue: GTA University Centre

Course Length: 09:30 to 13:00

Further details and registration here

The Client Due Diligence Process

This workshop addresses the regulatory requirements for undertaking due diligence on clients at all levels. You will learn about the information and documentation required and how to risk rate clients using a risk based approach in accordance with the Guernsey regulatory requirements.

Cost: £215
Date: 30 May 2024
Venue: GTA University Centre

Course Length: 09:00 to 12:30

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

Private Client Guide 2024 - Guernsey (Legal 500)

Carey Olsen has published its guide to Guernsey's private client sector, which includes commentary on tax, trusts, foundations and private wealth structures used within the jurisdiction, including charitable or philanthropic structures.
 

The guide also looks at capital gains, withholding and wealth tax rules along with issues relating to real property, immigration, succession, making a will and estate planning considerations, legislative changes and disclosure obligations.

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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