The Bailiwick of Guernsey has demonstrated that it meets the most stringent international standards following a highly successful outcome from MONEYVAL’s assessment into how it combats financial crime.
The Bailiwick received pass ratings for six out of the 11 Immediate Outcomes assessing its effectiveness in the areas of anti-money laundering and combating the financing of terrorism (AML/CFT), as well as combating the financing of proliferation of weapons of mass destruction.
The Bailiwick was one of a very small number of jurisdictions to receive more than one top rating of ‘High’, recognising its strengths in ‘the implementation of sanctions on terrorist financing and oversight of non-profit organisations’ and ‘the implementation of sanctions on financing of proliferation of weapons of mass destruction’.
Guernsey Finance Chief Executive Rupert Pleasant (pictured) said: “The Bailiwick takes its responsibilities to mitigate the risks of money laundering and terrorist financing extremely seriously.
“We are one of the few jurisdictions to pass all 40 FATF recommendations, and Guernsey was also recognised as having comprehensive measures to ensure beneficial ownership transparency. This proves that Guernsey’s levels of transparency meet the high standards needed to operate as a well-respected international finance centre.
“This reaffirms the news that Guernsey is committed to reaching the highest international standards.
“We can hold our heads high knowing that this result secures the Bailiwick’s position as one of the most secure and safe jurisdictions in the world for financial services. Guernsey is absolutely open for business and is a safe, stable and excellent place to do so.”
The Bailiwick has been placed into what is described as ‘regular follow-up’, meaning no material issues have been identified in Guernsey’s AML/CFT regime and involves regular reporting on progress made.
Deputy Lyndon Trott, President of the Policy & Resources Committee, said: “I cannot overstate how important it was for our economy to have a positive outcome.
“I was always confident of a positive outcome given we are – as we have always maintained – a responsible international finance centre that takes its anti-money laundering and combating the financing of terrorism responsibilities seriously.”
Deputy Rob Prow, President of the Committee for Home Affairs and chair of the financial crime strategic oversight group, said that preparations for the MONEYVAL evaluation were identified right at the start of this political term as one of its highest priorities.
“This is about meeting international standards in anti-money laundering and combating the financing of terrorism and, while there are areas we need to improve, and we will, we have shown that overall we meet the standards and compare positively to most other jurisdictions.”
