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Louvre Trust (Guernsey) Limited Responds to GFSC Findings

We acknowledge that in 2016, Louvre Trust (Guernsey) Limited (LTG) required improvements in aspects of its corporate governance, compliance and risk assessment procedures. Working with the Guernsey Financial Services Commission (GFSC) we identified the areas that did not meet the standards of The Proceeds of Crime Regulations and the GFSC’s Handbook.

Since 2016, the management and staff of LTG have worked tirelessly, and in consultation with the GFSC, to make the changes highlighted by the review, and have put in place improved procedures for corporate governance, compliance and risk assessment, as expected by the regulator.

The GFSC has an important role to regulate the Guernsey financial services industry and expects all licensed fiduciaries to have high standards in the application of all regulation and internal procedures; this ensures that the Bailiwick of Guernsey maintains its excellent international reputation.

We are confident that our recent senior risk and compliance team appointments, alongside our updated frameworks, will ensure that LTG is able to operate at the high standards required by the regulator.

Derek Baudains, CEO of Louvre Group Limited and Chairman of Louvre Trust (Guernsey) Limited.