It has been granted leave to appeal the decisions made by Lt Bailiff Hazel Marshall KC when she set aside bans of three directors and cut two of the fines.
“After careful consideration, the Commission decided to appeal the decision of LB Marshall KC because some of the reasoning and interpretation of the law contained in her judgment does not align with our understanding of our statutory duties and powers – as endorsed by the Royal Court and Guernsey Court of Appeal in prior judgments concerning appeals against our enforcement actions,” the GFSC said.
“We look forward to the result of the appeal providing us and those we regulate with greater clarity.”
The application for leave to appeal was granted by Helen Mountfield JA, sitting as a single judge of the Court of Appeal.
The Lt Bailiff had earlier considered an application for leave to appeal against her judgment on 19 June, and refused it.
But the GFSC continued its case and can now move on.
One of the areas of appeal surrounds whether the Lt Bailiff was too broad in her interpretation of her powers.
“This is an important question of law in the context of a regulatory regime affecting a large number of licensed bodies in an important sector of the Guernsey economy,” said Judge Mountfield.
Another ground of appeal centres on whether or not it matters when deciding on penalties that breaches of money laundering standards actually damage the Bailiwick’s reputation.
Two areas of its appeal, however, can not go ahead – the GFSC had made allegations of pre-determination and/or a lack of an open mind.