Civil Penalties
Please note: These guidance notes are not intended to be definitive legal advice and should not be relied upon as such. The interpretation of legislation is a matter on which the Guernsey Registry cannot advise and entities/individuals need to form their own independent view on compliance with the legislation. Independent legal advice is advised where there is any uncertainty.
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Foundations - Civil Penalties
In order to support both the Bailiwick of Guernsey and the Registrar to meet the Financial Action Task Force (FATF) Recommendations 24 (transparency of beneficial ownership of legal persons) and 40 (international co-operation), new legislation has recently been passed, which lays down a number of Regulations whereby the Registrar will apply a civil penalty (a fee) under a number of circumstances where requirements under The Foundations Law (Guernsey) 2012 are not met within a timely manner.
Full details of these penalties may be found under 'The Foundations (Registrar) (Civil Penalties) Regulations 2023', 'The Foundations (Registrar) (Civil Penalties) (Amendment) Regulations 2023', 'The Foundations (Registrar) (Civil Penalties) (Amendment) (No 2) Regulations 2023' and 'The Foundations (Registrar) (Civil Penalties) (Amendment) (No 3) Regulations 2023'.
A table briefly outlining the failures/breaches relative to The Foundations Law (Guernsey) 2012 and associated penalties is added to the guidance document for information purposes.
| Guidance Note | Description |
|---|---|
 Foundation - Civil Penalties [290kb] | FAQs on civil penalties for a Foundation |
