Guernsey’s business and finance sectors have welcomed the MONEYVAL evaluation report, which has delivered a highly successful outcome.
There are two types of pass ratings, and the Bailiwick is one of very few jurisdictions globally to receive a top rating of ‘High’. The Bailiwick is one of an even smaller number of jurisdictions to receive more than one High rating. These were for Immediate Outcome 10 (implementation of sanctions on terrorist financing and oversight of NPOs) and Immediate Outcome 11 (implementation of sanctions on financing of proliferation of weapons of mass destruction). Notably, Guernsey is only the third jurisdiction in the world, alongside the UK and the United States, to achieve these High ratings.
Guernsey achieved pass ratings in six out of the 11 Immediate Outcomes, performing exceptionally well compared to many other jurisdictions. As a result of this strong performance, Guernsey has been placed into ‘regular follow-up,’ one of the best possible outcomes for evaluated jurisdictions.
Paul Sykes (pictured), Chair of the Guernsey International Business Association (GIBA), commented: “The positive outcome of the MONEYVAL evaluation reflects the strong partnership between the finance industry, the regulator – Guernsey Financial Services Commission (GFSC), and our government the States of Guernsey, and further cements Guernsey’s reputation as a well-regulated international finance centre. Guernsey is a safe, stable and secure place to do business.”
“Our member associations recognise this result reinforces the island’s standing in an increasingly competitive global market, supporting the sector’s continued growth and contribution to the economy. It provides assurance to investors, businesses and financial institutions, strengthening Guernsey’s position as a leading jurisdiction for financial services. With this recognition, businesses can be confident in establishing and expanding their operations here.”
Response from industry and its representative associations has also been overwhelmingly positive, emphasising the opportunity this creates for the Bailiwick:
Haley Camp, Chair of Guernsey Investment and Funds Association (GIFA) said: “At a time when investors are prioritising transparency and security, this result proves that Guernsey offers both without stifling innovation. It sends a clear message to fund managers and institutional investors: if you want a jurisdiction that combines opportunity with rock-solid compliance, Guernsey is the place to be.”
Jacob Cockcroft, Chair of Association of Guernsey Banks (AGB) commented: “These results reflect the strength of Guernsey as a safe, secure and forward-thinking banking centre – with deep expertise across the board. It sends a clear message that if you want a jurisdiction combining a world-leading regulatory framework with a plethora of financial services solutions then this is the jurisdiction to choose.”
Kerrie Le Tissier, Chair of Guernsey Association of Trustees (GAT) said in specific relation to beneficial owners of Guernsey entities and trusts: “The positive rating for Immediate Outcome 5, ‘Transparency of basic and beneficial ownership of legal persons and legal arrangements,’ is a significant endorsement of Guernsey’s current regulatory framework for identifying and recording the beneficial owners of Guernsey entities and trusts. The finding is a strong argument against the need for a public beneficial ownership register in Guernsey, a measure which MONEYVAL has clearly deemed to be unnecessary in meeting international standards in the prevention of financial crime.”
Roland Mills, President of the Guernsey Society of Chartered and certified accountants (GSCCA) added: “This MONEYVAL assessment has acknowledged the robust regulation and compliance regime in Guernsey. This positive result is a testament to the collaborative efforts of the industry, regulator, and government. It underscores Guernsey’s commitment to transparency, quality, and investor security, ensuring that the finance sector continues to thrive in a competitive market. This outcome not only reinforces Guernsey financial sector’s significant contribution to the economy but also sends a clear message to global institutional investors – Guernsey is the ideal jurisdiction for those seeking a cost-effective, globally connected, flexible, and highly compliant environment for their business.”
Glen Tonks, Chair of the IoD Guernsey Branch, commented: “This is a fantastic result for Guernsey and reaffirms our island’s strong reputation for meeting the highest global standards and combating financial crime. The result is a testament to the exceptional collaboration, expertise, professionalism, and integrity of those working in and supporting the financial services industry.
“Guernsey’s finance industry is the engine of our economy. Along with the strong eco-system supporting and servicing the industry, It provides high value jobs, drives tax revenues, and operates with a comparatively low environmental footprint whilst supporting other sectors and the wider community. The island has a reputation for professionalism, innovation and with that expertise benefitting organisations around the world, and here at home.
“As a jurisdiction, we should be proud of what we do, confident in the value we provide on the international stage. Guernsey has demonstrated its ability to meet rigorous international expectations, providing confidence to businesses, investors, and partners around the world. This report is not just about recognising our strengths – it is a strong foundation for the next phase of our growth. It serves as a launchpad for our finance industry’s continued success, providing reassurance whilst also creating further opportunities for innovation, investment, and economic prosperity.
“Now is the time to embrace our success, get behind our leading industry, champion it and continue building on this strong platform for growth.”
