Guernsey enters financial crime MoU with Bangladesh

Sunday 24 July 2022

Bangladesh and Guernsey have signed a Memorandum of Understanding at the first in-person meeting of the EGMONT Group – an international collection of financial intelligence units – since the pandemic.

The document was signed last week by Adrian Hale, Head of Guernsey’s Financial Intelligence Unit, at the 28th summit of EGMONT in Riga, Latvia. The collective aim to foster cooperation and intelligence sharing, primarily in cases of money laundering and terrorist financing.

Mr Hale said several hundred experts gathered to converse and learn: “The content of the main meeting and the working groups was very fruitful for us in Guernsey as it focused on developing multi-lateral sharing of information with other FIUs and enhancing the sharing of information with the private sector, using the Private Public Partnership model which has been adopted by a number of countries.

“The President of Latvia opened the meeting and spoke about the current geopolitical environment in which we operate which forces us to intensify the fight against money laundering and terrorist financing.

“The Bailiwick will always take activity of this kind seriously as it is of the upmost importance when it comes to protecting our reputation as a first-class international finance centre… we are also looking to develop our own Private Public Partnership 2 within the Bailiwick, so this was an opportunity to gain valuable experience from our international colleagues on how they share information with their public and private sectors,” he added.

Pictured: President of the Committee for Home Affairs, Deputy Rob Prow welcomed the development.

Deputy Rob Prow, President of the Committee for Home Affairs who has responsibility for crime and policing, argued financial security is essential for the Bailiwick.

“Together, the Economic and Financial Crime Bureau and the FIU do an excellent job of protecting the island from people looking to move criminal money into, or through, our financial system,” he said.

“It is always important to work alongside colleagues form around the world in this sector, and ensuring Guernsey has a strong presence at these events ensures that we can remain at the front of the fight against money laundering and terrorist financing.”