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Guernsey, Alderney Sign Financial Crime MoU

by Jason Gorringe, Lowtax.net, London
26 September, 2014

The Guernsey Border Agency's Financial Investigation Unit (FIU) and the Alderney Gambling Control Commission (AFGCC) have agreed to share information to strengthen oversight of the financial and gaming sectors.

The terms of a memorandum of understanding (MoU), signed between the two agencies will establish a formal basis for bilateral cooperation. It provides that Guernsey will pass to Alderney any information that indicates a breach of regulatory requirements and information regarding any significant weaknesses in the corporate governance or compliance function of a regulated entity.

In return, Alderney will pass to Guernsey any information that indicates money laundering activity or other financial crime may have been committed or is about to be committed, or a breach of anti-money laundering/financing of terrorism legislation has taken place or is about to take place.

Guernsey's Head of Law Enforcement, Patrick Rice, said: "This MoU will assist the Financial Investigation Unit in its fight against money laundering and financial and economic crime. We are pleased that we were able to reach this agreement and look forward to working with the AGCC to the benefit of both organizations and the wider Bailiwick."

Executive Director for the Alderney Gambling Control Commission, Andre Wilsenach, said: "From an organizational point of view, the MoU is very helpful in that it formally recognizes that the exchange of information between the FIU and AGCC is of benefit to each other in carrying out their respective duties, and we look forward to working with the FIU in the fight against financial and economic crime, money laundering, and terrorism."

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