A MONEYVAL assessment of the island in relation to the measures in place to prevent money laundering and the financing of terrorism, found that Guernsey had surpassed the standards set.
The MONEYVAL evaluation took place throughout 2014-15 and included an on-Island assessment in October 2014.
In addition to substantially strengthening anti-money laundering and combatting the funding of terrorism preventive measures to which its financial institutions are subject, MONEYVAL found that Guernsey has in place a range of measures to facilitate various forms of international cooperation and plays host to competent authorities and financial institutions that are highly competent, knowledgeable and aware of their obligations. Cooperation and coordination between Guernsey authorities was also found to be effective.
Guernsey Finance Chief Executive Dominic Wheatley said: “We are delighted that Guernsey has received this positive assessment from MONEYVAL as it demonstrates the high standards that all firms in Guernsey work to. It is also consistent with how we see Guernsey’s leading position within the mainstream of international finance not only in terms of anti-money laundering and the funding of terrorism, but also regulation, beneficial ownership, tax transparency and common reporting standards.”
Guernsey Chief Minister Jonathan Le Tocq said the evaluation was extremely important.
As a jurisdiction with a global finance sector we need to demonstrate that we continue to meet in practice the highest international standards of law enforcement and regulation – and we have done so. MONEYVAL is an inter-governmental organisation of the Council of Europe and so this high level assessment also sends a very clear and positive signal to the 47 member states of that Council regarding Guernsey’s strong international position in terms of these standards.