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Fighting money laundering on every front

Fighting money laundering on every front

Monday 10 February 2020

Fighting money laundering on every front


An assessment on how well Guernsey tackles money laundering and terrorist financing has been published, as part of the island's continued efforts to maintain its international reputation as a squeaky clean finance centre.

The National Risk Assessment, and the report that went along side it, was completed by the Policy & Resources Committee, but represents work done by a number of different parts of Bailiwick Authorities, from Guernsey Police to the GFSC.

It was produced in line with international expectations and guidelines, and helps businesses and authorities understand the risks they are facing when it comes to money laundering. It helps make sure preventative measures are robust, and businesses' risk assessments are complete. 

The overarching important outcome of the NRA is that all local stakeholders engaged in preventing Guernsey from being used to facilitate terrorist financing, money laundering and financial crime have a common platform to focus their work on the areas of greatest risk.

"Guernsey continues to demonstrate how it is a leading player in the fight against money laundering and financial crime," Deputy Lyndon Trott said, "that has been shown time and again in independent assessments of the jurisdiction and through the actions and commitments we make. Publishing the NRA is the most recent step we’ve taken to ensure we remain at the forefront of international efforts to combat money laundering, terrorist financing and other forms of financial crime."

He added the NRA will form an important document in informing local businesses as they consider their own risk-appetite and the measures they need to manage and mitigate those risks.

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Pictured: Money Laundering risks by sector. The risk ratings contained in the report are relative, meaning a higher rating for a particular sector or product does not necessarily mean it is high risk compared to the equivalent sector in another jurisdiction.

The information contained in the NRA is also being welcomed by law enforcement and regulatory authorities.

William Mason, Director General of the Guernsey Financial Services Commission, said: "As the regulatory body for the financial services industry in Guernsey, the Commission has a key role in preventing and tackling financial crime and in ensuring businesses put the right measures in place. With the information provided in the NRA, businesses can and should ensure they have a good understanding of the potential risks and make sure they’re focusing their efforts appropriately."

Head of Law Enforcement, Ruari Hardy, said: "The NRA is an important document for our officers, particularly our Economic Crime Division which investigates cases of financial crime within the Bailiwick and where appropriate, cooperates with international investigators. This includes law enforcement agencies in the UK, Europe, the USA and elsewhere. By identifying the risk levels faced by our sectors, it helps to inform us and our colleagues overseas."

To read the report itself, click here. 

Pictured top: Deputy Lyndon Trott.

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