Director General, William Mason said Guernsey’s core industry weathered the storm well in what was a period of “significant geopolitical instability. 

“Guernsey’s finance industry remained strong and steady in 2023. For the Commission’s part, preparation was our watchword in 2023, as we worked closely with other Bailiwick authorities in the run up to the MONEYVAL evaluation and made significant strides in our digital transformation programme.  

“Central to this is the development of the most significant ‘front of house’ technology project the Commission has undertaken in recent years to deliver a new digital shop window for all those willing to consider the merits of running their financial services businesses from Guernsey.” 

He also expressed relief, with the Commission tied up in the appeal courts for several months over a controversial ruling which saw the GFCS’s enforcement orders struck down, but later overturned in a big win for the regulator and its practices.  

“In overturning the Royal Court’s findings on every ground, the Court of Appeal found the Commission’s processes were applied properly in this matter and reaffirmed the importance of the Commission acting to combat financial crime in the jurisdiction,” Mr Mason said. 

It’s now waving goodbye to its Chair, Julian Winser, who is set to leave, with his replacement to be appointed by the States next week.  

You can read the report HERE.