A new, independently led, enforcement entity has been established to investigate money laundering, economic crime and recover the proceeds of unlawful conduct.
The Economic & Financial Crime Bureau (EFCB) will use the full range of investigative tools and legal remedies available and will overhaul the use of information and intelligence to identify criminal wrongdoing, drive up casework and locate the proceeds of crime with a view to confiscation.
The EFCB has been established by Guernsey’s Committee for Home Affairs, in full consultation with the Policy & Resources Committee.
The Director of the EFCB, Kevin Davis, appointed earlier this year, will report to the Committee, and will work in collaboration with the Head of Bailiwick Law Enforcement, the Law Officers of the Crown and other key partners.
As the Committee regularly reviews the work taking place across its remit with a view to continuous improvement, a need was identified to strengthen the Bailiwick’s response to financial and economic crime. The appointment of Mr Davis and the subsequent creation of the EFCB is just one of the actions the Committee has taken to improve the effectiveness of the island’s anti-money laundering regime ahead of the MONEYVAL inspection in 2023.
Kevin Davis, the Director of the Economic & Financial Crime Bureau, said: “The creation of the EFCB was an opportunity identified by the Committee to strengthen Guernsey’s approach to tackling financial crime, and deal with the threats and risks faced by Guernsey as an international financial centre. In particular, the EFCB will improve Guernsey’s effectiveness in tackling money laundering and help prepare the island for the MONEYVAL evaluation planned for 2023.
“The Bureau’s first steps will include structural remodelling, which will see the former Financial Intelligence Service, now the Financial Intelligence Unit, brought under the EFCB’s umbrella, along with a new Case Development and Intelligence Unit, and a new unit focused on recovering the proceeds of crime -– a key measure of effectiveness in the financial crime space.
“All of these changes will make for a more efficacious use of information and intelligence, drive up the number of criminal and asset recovery investigations and, importantly, lead to even greater effectiveness in combatting money laundering, terrorist financing and major proceeds-generating offences.”
Deputy Rob Prow, President of the Committee for Home Affairs, said: “Having robust systems in place in Guernsey to tackle economic crime is crucial to maintaining the island’s reputation on the international stage as a premier finance centre. As a Committee we are always looking to identify areas which could be further strengthened, and creating the Bureau was a significant opportunity we did not want to miss. We are now confident this new organisation will help the island be as prepared as it can be for the forthcoming MONEYVAL inspection and allow it to achieve the best possible ratings.”
