Guernsey’s 2nd NRA was published in December 2023.
02/01/2024
The Bailiwick of Guernsey has conducted its second National Risk Assessment (NRA) of the money laundering and terrorist financing risks presented by individual sectors and products within the jurisdiction.
- The first NRA (the report published in January 2020) was based on an International Monetary Fund methodology.
- The second NRA has developed the first NRA based on the further knowledge and findings of the authorities, informed by regional and local developments.
In addition, the Bailiwick of Guernsey has carried out its first assessment of the risks of financing the proliferation of weapons of mass destruction.
As with the first NRA, the finding of the second NRA about money laundering risks is that, as an international finance centre with a low domestic crime rate, Guernsey's greatest money laundering risks come from the laundering of the proceeds of foreign criminality.
The money laundering risks from domestic criminality, while much lower, primarily arise from drug trafficking and fraud.
Also consistent with the first NRA, the finding of the second NRA regarding terrorist financing risks is that the greatest risks come from the jurisdiction's cross-border business being used to support foreign terrorism, by funds being passed through or administered from Guernsey.
However, this risk is much lower than the money laundering risks. The assessment of the risks of financing the proliferation of weapons of mass destruction finds that the risks are the same or lower than the jurisdiction's terrorist financing risks.
SOURCE
DOWNLOADS
- Bailiwick Of Guernsey 2023 National Risk Assessment Report = https://www.gov.gg/CHttpHandler.ashx?id=174174&p=0
- Bailiwick Of Guernsey ML - FT National Risk Assessment Report 2019 = https://www.gov.gg/CHttpHandler.ashx?id=123308&p=0
- NRA Presentation 1 = https://www.gov.gg/CHttpHandler.ashx?id=123427&p=0
- NRA Presentation 2 = https://www.gov.gg/CHttpHandler.ashx?id=123428&p=0
- NRA Presentation 3 = https://www.gov.gg/CHttpHandler.ashx?id=123429&p=0
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