Snapshot: Key findings from Guernsey's successful MONEYVAL evaluation

Guernsey's status as a well-regulated international finance centre with a robust anti-money laundering and counter terrorist financing regime has been confirmed in its MONEYVAL evaluation.

The Fifth Round Mutual Evaluation Report on Guernsey's anti-money laundering and counter terrorist financing measures by the Council of Europe's MONEYVAL committee was issued to the public on 10 February 2025.

Guernsey has welcomed the feedback from the assessment. The key findings of the MONEYVAL committee were that:

• since its last evaluation, Guernsey made significant efforts to strengthen its legal and regulatory AML / CFT framework

• the fundamental components of an effective AML / CFT system are largely in place, with a substantial level of compliance achieved in six out of the 11 immediate outcomes assessed

• Guernsey has a robust AML / CFT legal framework for technical compliance, which is rated as either compliant or largely compliant with all the 40 technical recommendations. The outstanding deficiencies are deemed to be minor

The report provided the following recommendations to improve Guernsey's effectiveness in combating financial crime:

• Fundamental improvements are necessary to ensure the effective investigation, prosecution and conviction of money laundering cases in line with the country’s risk profile

• Other key areas requiring attention include AML / CFT supervision, regulated entities’ compliance with preventive measures and in particular improvements in the numbers and quality of suspicious activity reports (SARs), use of the Financial Intelligence Unit (FIU) and confiscation of proceeds of crime

MONEYVAL is the Council of Europe’s permanent monitoring body in respect of financial crime risk management and assesses local laws, regulatory and enforcement processes against international standards for tackling financial crime.

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Disclaimer

This client briefing has been prepared for clients and professional associates of Ogier. The information and expressions of opinion which it contains are not intended to be a comprehensive study or to provide legal advice and should not be treated as a substitute for specific advice concerning individual situations.

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