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Collas Crill

Risk & regulatory update


Welcome to Volume 1 of our Guernsey Risk and Regulatory Update, where we take a look at events and decisions both in Guernsey and further afield that may impact regulated businesses that we work with within the Bailiwick.

We start by taking a look at legal privilege. Recent cases in the English courts have focused on the internal communications of an organisation and provide some essential guidance for businesses regarding (i) the scope of legal advice privilege where an in-house lawyer is involved and where emails are sent to multiple addressees, and (ii) the types of documents and communications that may not be covered by litigation privilege.

Next we look at the revised Handbook on Countering Financial Crime and Terrorist Financing which the Guernsey Financial Services Commission (GFSC) have just issued in final form.

Following our coverage of Hazel Liang v RBC Trustees (Guernsey) Limited [20/2018] last year, the Royal Court of Guernsey recently released a supplementary judgment to the case. We review the pragmatic approach taken by the Court in balancing the competing interests of Ms Liang, an individual who claimed to be "an innocent victim by association", and the Trustee, a regulated financial services business with anti-money laundering obligations and fiduciary duties to fulfil, and having in mind the requirement to preserve the island's reputation as a well-regulated international finance centre.

We also provide commentary on the SFO's decision to drop two major cases, the UK's new Crime (Overseas Production Orders) Act 2019, Guernsey's impending National Risk Assessment final report and, the IRS's proposed changes to certain requirements under FATCA.

We hope you enjoy this volume and welcome your feedback.

The Guernsey Risk & Regulatory Team