Are you a company director? The Guernsey Financial Services Commission (GFSC) has recently launched a new director registration regime to comply with new legislation. All directors should consider consider the implications of this and whether they need to register.
During this member briefing, Fiona Crocker, Director of the GFSC's Financial Crime Division will discuss which categories of directorships will need to register, how to register and how directors are expected to comply with the Proceeds of Crime Law.
The new scheme has been established following amendments to the Criminal Justice (Proceeds of Crime) Law, 1999 and an amendment to the Regulations of Fiduciaries, Administration Businesses and Company Directors, etc (Bailiwick of Guernsey) Law, 2020 Law.
These amendments establish a registration regime for individuals who use the "up to six directorships" exemption from fiduciary licensing where no other exemption from registration applies.