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

Message from the Chair

We have very few subscription invoices which remain outstanding for 2021. Please could we ask that you settle these promptly or contact us if you require assistance. 

As always, I would be pleased to hear from members to understand any frustrations or concerns - contact me.

Enjoy your February newsletter. 

Kind regards

Rhona Humphries

GAT Chair

Member's Area

Please note that the password to access your Member’s Area page on the GAT website is "Trustees".

The Member’s Area will develop over time, and will be populated with consultation responses and papers / advice issued by GAT and / or the Technical Committee.

NEWS

The new Guernsey Legal Resources Website is due to go live on the 9th March

Unreported judgments and all the legislation, including the consolidated legislation, will be freely available. This includes the annotations in the consolidated legislation where sections of the Laws have been referred to in judgments.

Businesses will be required to register on the site if they wish to access the reported judgments, the charge for this will be £740. This is an annual subscription that allows all the site content to be accessed by any employee.

To register for access to the reported judgments please go to www.guernseylegalresources.gg after the 9th March and follow the registration instructions on the website.

Exit Interviews for MLROs and MLCOs

Following a pilot exercise in 2020, the Commission has made permanent and extended to all sectors its exit interview programme for individuals who held Money Laundering Reporting Officer and/or Money Laundering Compliance Officer roles.

The pilot initially applied to the banking and fiduciary sectors as the Bailiwick’s highest risk sectors for money laundering and terrorist financing and was expanded in the summer to include the investment and legal sectors as the next highest risk sectors as identified in Guernsey’s National Risk Assessment.

The initiative has been useful in assisting both the Commission's risk-based AML/CFT supervision and its current understanding of the roles, responsibilities and challenges faced by those in these key positions.

Online Submissions Portal upgrade

The Online Submissions ("OS") Portal upgrade has been completed. If you are a an OS user you will notice changes to the portal and may have already noticed that your forms have changed over the last 18 months.

More details about the new OS features can be found in the guidance note on the GFSC website here.

Handbook on Countering Financial Crime and Terrorist Financing

On the 15th February the Commission updated the Handbook following the December consultation regarding changes to rules and guidance in Chapters 3 and 7 on the risk-based approach and on legal persons and legal arrangements.

Updates have also been made to Chapter 12 on international sanctions to reflect the new mechanism for the implementation of UN and UK sanctions in Guernsey following Brexit.

A clean version of the Handbook, together with a tracked version reflecting the changes made from the Handbook published on 30 October 2020, can be accessed here.

Commission elects new Vice-Chairman

The Commission has elected Advocate Simon Howitt as its Vice-Chairman. He succeeds Bob Moore who stood down as a Commissioner at the end of last month after nine years service.

Advocate Howitt has over thirty years’ experience as an advocate and is a consultant at Babbé having previously been a Partner.

He served as President of the Guernsey Chamber of Commerce between 2001 and 2003. Advocate Howitt has served on a number of States Committees including being a non-States member of the Legislation Select Committee and its successor, the Legislation Review Panel, since 2004, the share transfer duty working party and the Inheritance Law Review Committee.

He is also a member of the Board of Examiners for the Guernsey Bar Examinations and a member of the Editorial Board of the Jersey and Guernsey Law Review.

UK residents temporarily choosing to work from Guernsey during the global pandemic

The Revenue Service is advising people who have chosen to temporarily work for their UK employer from Guernsey during the pandemic that basing themselves in the Island may have implications for their personal tax situation.

If an individual spends more than 90 days in Guernsey in any calendar year, then they are resident for tax purposes in Guernsey. They are required to register with the Revenue Service and file a personal tax return. They may also continue to be tax resident in the UK.

Positive and optimistic meeting between representatives of the States of Guernsey and States of Alderney on the future relationship

Political representatives from the Policy & Resources Committee in the States of Guernsey and the States of Alderney met virtually on Friday to discuss the future relationship between the two islands.

This meeting was focused on strengthening the long-standing relationship between the islands, which has deepened already over the last year through the joint response to the Covid-19 pandemic.

During the meeting, representatives took the opportunity to discuss a broad range of opportunities to work together and enhance the relationship, including potential collaboration on economic recovery and renewable energy.

Two important reports have been published in association with Guernsey Finance in recent weeks.

Private capital financing sustainability is an ongoing campaign in green and sustainable finance, linking that agenda with Guernsey's private wealth and family office capabilities. A special supplement was included in the December edition of STEP Journal.

Introduced by Dr Andy Sloan, Deputy Chief Executive, Strategy, WE ARE GUERNSEY, and Chair, Guernsey Green Finance, it features highlights of the campaign to champion private wealth financing sustainability; a review of research conducted by the body into the relationship between private capital and sustainability and recent developments in the impact investing sector.

Women in Family Offices

Guernsey Finance commissioned David Bain from Family Capital (famcap.com) to produce a report about the role of women in family offices, good governance, and the market in the Middle East.

Listen to the latest WE ARE GUERNSEY podcast on the topic here, which features Guernsey lawyers Elena Gogh and Rajah Abrusweil.

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.

Anthony Williams of Appleby Global presents:

"Exiting Problem Client Relationships - Issues and How to deal with them"

The presentation will cover the issues that can arise when seeking to exit problem client structures, specifically how and when to communicate with the client, navigate financial crime and regulatory issues, and the options available in terms of seeking relief from the Courts. 

Jo Reeve, Director of International Relations and Constitutional Affairs at the States of Guernsey presents:

"Beyond BREXIT: An overview of the 2020 EU Relationship Negotiations"

• What the new Trade and Cooperation Agreement (TCA) means for Guernsey and its place in the world
• How Guernsey will participate in the TCA and the impact it will have on trade and our relationship with the EU
• Participation on trade agreements with the rest of the world

March GTA Courses & Events

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

Leading Teams in Challenging Times

This one hour coaching session offers pragmatic guidance on key principles that can apply immediately for you and your teams to deal effectively with challenging times including examining what people want from their leaders, how to look after yourself and your team and how to get the best from remote working.

Cost: £60

Dates: 5th March 2021

Venue: Online via Zoom

Times: 09.30 to 10.30

Further details and registration here

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FATCA & CRS - A Practical Workshop

This half day course aims to provide practical assistance in understanding entity classifications and reporting obligations for both FATCA and CRS using real life structures in a workshop format to deepen understanding of FATCA and CRS.

Cost: £195

Enrol by: 16th March 2021

Venue: Online via Zoom

Further details and registration here

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Dive into Digital - Digital Livestream Event

This FREE one hour session aimed at business leaders with Jason Wyatt and Skye Hawley of Prosperity 24/7 will introduce you to essential concepts in data analysis for your organisation.  You will learn the key data terminology and be shown essential tools that would benefit your business to get more from your data. 

Cost: FREE

Begins: 17th March 2021 

Venue: Online via Zoom

Times: 12.30 to 13.30

Further details and registration here

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STEP Diploma in International Trust Management - Diploma 3

Recognised as the benchmark qualification in the trust industry, this diploma takes a practical approach to the issues arising in the international trusts profession and provides you with an overview of the relevant legislation, principles and practice in Guernsey and internationally.  Diploma 3 is Trust Administration and Accounts and the course is being delivered online in 2021.

Cost: £1,625

Start Date: 19th March 2021

Venue: Online Course

Further details and registration here

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Money Laundering Compliance Officer (MLCO) Workshop

This half day course will visit all aspects of a money laundering compliance officer’s (MLCO’s) role, responsibilities and duties in a financial services business in Guernsey. Delegates will examine the AML/CFT framework in Guernsey and look at regulatory frameworks in place.  It will also look at the MLCO’s role and how to be an effective individual in that position.

Cost: £195

Start Date: 24th March 2021

Venue: Online via Zoom

Further details and registration here

MARCH WEBINARS

AEOI Webinar - Are you prepared for the AEOI requirements in 2021?

Tuesday 2nd March 2021 at 10am

Budget Briefing Webinar - Navigating the Impact

Thursday 4th March 2021 at 9am

SPONSOR ARTICLES

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