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Guernsey Praised In Anti-Money Laundering Report

by Jason Gorringe, Lowtax.net, London
19 January, 2016

Overall, Guernsey has a "mature legal and regulatory system" to tackle money laundering and the financing of terrorism, according to a new report from the Council of Europe, which says the territory has modern legislation covering all important aspects of the finance industry.

The report was prepared by the Council of Europe's Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL).

MONEYVAL found that Guernsey has in place a range of measures to facilitate various forms of international cooperation and plays host to competent authorities and financial institutions that are highly competent, knowledgeable, and aware of their obligations. Cooperation and coordination between Guernsey authorities was also found to be effective.

MONEYVAL recommended that Guernsey increase the penalties that can be applied to financial institutions. It added that further progress is needed in the number of investigations, prosecutions, and convictions concerning money laundering and the financing of terrorism, and the use of restraint and confiscation orders could also be improved.

Guernsey Finance, the island's promotional agency for the financial industry internationally, noted that, in this report, the territory had surpassed the standards set in the equivalent International Monetary Fund (IMF) report that assessed Guernsey in 2010.

Dominic Wheatley, the Chief Executive of Guernsey Finance, said: "We are delighted that Guernsey has received this positive assessment from MONEYVAL as it demonstrates the high standards that all firms in Guernsey work to. It is also consistent with how we see Guernsey's leading position within the mainstream of international finance, not only in terms of anti-money laundering and the funding of terrorism, but also regulation, beneficial ownership, tax transparency, and common reporting standards."

Jonathan Le Tocq, Guernsey's Chief Minister, added: "Meeting the highest international standards helps to sustain our economy by encouraging businesses to come to Guernsey and ensuring stability. It also helps to ensure we cement our reputation as a cooperative and transparent jurisdiction, and one that takes seriously its obligations as a major international finance center."

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