For further questions, please contact and a co-worker will be happy to help. The CCRC has updated its online PQ portal, online submissions and CGVs. It is especially important to note the possibility of signing up for a new account by accepting CGVs online. This replaces the previous online service contract, which originally required a wet signature and, more recently, a scanned copy of the originally signed contract. Guernsey`s financial services sector is subject to laws that were implemented when the need arose. Although all laws have generally been effective in tracking the activities it covers (investment/bank/insurance), the differences between the different legislations in terms of supervisory practices and procedures have created confusion and inconsistencies. The main objective of the new legislation is to ensure that Bailiwick`s regulatory system is consistent and in line with relevant international standards. The report identifies some measures that Member States can take to ensure domestic coordination and improve communication, but ultimately the goat stops at organisations and individuals who participate in financial services and the risk frameworks they take. In that sense, there is nothing new in the report, but it is a useful interaction between the various problems that have arisen within the FATF community. The report does not contain any major surprises – although the pandemic has led to a decline in legitimate economic activity, the opposite applies to the criminal world. Opportunities to abuse online and virtual financial services and use public assistance programs have increased exponentially. The particular risk to the offshore world is to ensure that the innovative methods used to overcome the difficulties associated with verifying the duty of care to customers and the validity of certain transactions do not compromise the high standards applied in normal times. Any applicant who has been in habitual residence in Gibraltar for the past ten years must submit a report or criminal record to the CCRC by the competent authority (s) in which the applicant has spent a considerable period of time.

If this report cannot be provided in English, it should be accompanied by a translation from a certified translator. The Royal Court has brought an action against the CCRC, which asserts that its enforcement proceedings are contrary to human rights, first and foremost the right to a fair trial, guaranteed by Article 6 of the European Convention on Human Rights, enshrined in the Bailiwick of Guernsey Act 2000. For more information, please see our legal update here. The CCRC issued a public statement regarding a local licensee and two individuals for failing to meet the minimum licensing criteria under the Investor Protection Act 1987 (POI) and the Bailiwick of Guernesey Act 2002. Please note that upon receipt of an “individual questionnaire” or notifiable document, the CCRC completes and files an application for reconsideration of the Royal Gibraltar Police pursuant to Section 30C of the Proceeds of Crime Act 2015. This review procedure is conducted in-house by the CCRC and does not result in any cost to the applicant or the company. The continued dependence of financial markets on LIBOR is considered by the ACF and the Bank of England`s Financial Policy Committee to be high risk to financial stability and, as such, lenders should make available alternative products such as SONIA before the deadline.

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