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Guernsey Welcomes Money Laundering Review Results

by Jason Gorringe, Lowtax.net, London
14 June, 2016

Firms in Guernsey's financial services sector have good awareness of their money laundering and terrorist financing training obligations and have enacted appropriate policies, procedures, and controls to ensure compliance, according to the findings of a recent review.

The findings were published by Guernsey's Financial Services Commission, after a review conducted by the Commission's Financial Crime Supervision and Policy Division in 2015, which covered 62 firms employing a total of 2,238 people.

The Commission said that one particularly positive observation arising from the review was the level of professionally qualified staff members and directors across industry, with 58 percent of all board members and 54 percent of employees holding professional qualifications. This figure increased to 65 percent and 64 percent for fiduciary and bank sector boards, respectively, noting these two sectors are considered to be a higher risk for money laundering and terrorist financing by the Financial Action Task Force.

Nearly three-quarters of firms surveyed identified fraud as one of the top three financial crime risks to their business, but only six of those firms specifically covered fraud in the regular training provided to staff. A similar picture emerged in relation to other risks. Given the critical role played by employees in protecting firms from abuse by financial criminals, the Commission said it would expect the risks identified by firms in their business risk assessments to flow through into training.

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