The ongoing success Guernsey is experiencing as an international finance centre is largely due to its ability and willingness to adapt to changing market conditions in order to ensure that the jurisdiction retains its strong position and reputation within the global arena. This flexible approach is clearly illustrated by the island’s ongoing review of its legislative and regulatory framework. In the past 12 months alone, the Guernsey Trust law has been revised (coming into effect on 17 March, 2008); the Companies law is currently under review; the island is considering the introduction of a new Foundations law and the jurisdiction has introduced a fast-track approval process for all closed-ended funds.
Guernsey enjoys an international reputation as a well-regulated and secure environment in which to conduct business, but at the same time is a jurisdiction keen to create a practical approach to regulation without creating unnecessary and cumbersome over-bureaucratic procedures for bringing in new business. This combination of the pragmatic and the secure is manifested in one of the more recent changes – the review and extension of the local anti-money laundering and counter-terrorist financing regulations.
