The States of Guernsey has made huge strides during this political term in supporting efforts to combat financial crime, the Chair of the financial crime strategic oversight group has said in the wake of the Bailiwick’s successful outcome from its MONEYVAL evaluation.
Deputy Rob Prow (pictured) led the forum that provided strategic direction for the Bailiwick’s preparations for the evaluation – the oversight group’s membership included politicians, senior public sector staff, regulation representatives and other key authorities.
Deputy Prow said the scale and enormity of work completed this political term, and the steps taken to ensure a positive result, was an exemplary example of public authorities working together for the benefit of the community.
Work delivered this term around combating financial crime includes:
- A substantial amount of legislation developed, drafted and approved by the States of Deliberation.
- Forming the Economic & Financial Crime Bureau.
- Establishing the Economic & Financial Crime Bureau and the Financial Intelligence Unit as statutory authorities.
- Creating a financial crime centre at Marie Randall House, using money from the Seized Asset Fund (criminal assets).
- The overhaul of the Guernsey Registry IT system, enabling greater functionality in reporting of information relevant to compliance with the standards of the Financial Action Task Force (FATF).
- Undertaking other IT projects, in particular upgrades to the Financial Intelligence Unit’s systems and the introduction of modern case management systems for the better functioning of the criminal justice framework.
Deputy Prow said: “This has been a real team effort right across the States, statutory authorities, the Law Officers, the GFSC and industry. I understand that an evaluation like this might not capture the imagination compared to the delivery of other public services or political issues we all take interest in, but I feel an obligation to publicly recognise how much government has achieved this term in the area of combating financial crime. We still have much work to do but the work delivered this term, the oversight and delivery structures put in place, ensures the States can continue deliver improvements in what is a crucial area of our international compliance.
“The MONEYVAL evaluation has shown that the Bailiwick is a compliant jurisdiction that operates in accordance with the Financial Action Task Force (FATF) recommendations. A negative outcome would have had serious consequences for the Bailiwick, our financial services sector and many of those who work in it.
“Delivering a good result was a priority for this political term and I thank everyone who has supported those efforts for the last four years.”
