MONEYVAL DEC 2024 GUERNSEY REPORT IS NOW AVAILABLE

The Council of Europe’s anti-money laundering body, MONEYVAL, has today published a report that urges  Guernsey to improve the investigation, prosecution and conviction of money laundering offences

• Link to  the report https://rm.coe.int/moneyval-2024-30-mer-guernsey/1680b42784
• Link to the summary https://rm.coe.int/moneyval-2024-30-summ-guernsey/1680b42783
• MONEYVAL and Guernsey https://www.coe.int/en/web/moneyval/jurisdictions/guernesey

The report has made several comments and observations that include

1. Commended Guernsey’s Financial Intelligence Unit for producing high-quality analytical products and strategic analysis, while acknowledging the limited extent to which they are used by law enforcement authorities to initiate investigations.
2. The quality of suspicious activity reports also remains a concern. MONEYVAL also called for further efforts to enhance the quality and types of suspicious activity reports, especially those related to tax evasion and corruption.
3. The Guernsey Financial Services Commission and the Alderney Gambling Control Commission have a good understanding of risks linked to sectors under their supervision, according to MONEYVAL. They implement a risk-based supervisory model, which has room for improvement in terms of the frequency and extent of the examinations involved. 
4. The private sector demonstrated a good understanding of the risks and application of measures against money laundering and terrorist financing.
5. Challenges remain in relation to the risk mitigation of complex corporate structures, and the application of countermeasures in respect of tax-related money laundering.
6. Guernsey has comprehensive measures to ensure transparency of beneficial ownership of legal persons and arrangements, although the enforcement actions have been limited.
7. Competent authorities actively, regularly, and effectively cooperate with foreign counterparts, although, in the case of the Financial Intelligence Unit, the number of cooperation requests is not fully in line with the risk profile involved. 
8. The legal and institutional framework is in place to provide the widest possible range of mutual legal assistance, but the use of international cooperation channels is far from being exhausted.

Guernsey is expected to report back to MONEYVAL, under MONEYVAL’s regular follow-up reporting process, in May 2027.

SOURCE

https://www.coe.int/en/web/moneyval/-/moneyval-calls-on-guernsey-to-step-up-efforts-against-money-laundering

•  Link to the report https://rm.coe.int/moneyval-2024-30-mer-guernsey/1680b42784
• Link to the summary https://rm.coe.int/moneyval-2024-30-summ-guernsey/1680b42783
• MONEYVAL and Guernsey https://www.coe.int/en/web/moneyval/jurisdictions/guernesey

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The Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL) is a monitoring body of the Council of Europe entrusted with the task of assessing compliance with the principal international standards to counter money laundering, the financing of terrorism and the financing of proliferation of weapons of mass destruction, as well as the effectiveness of their implementation. MONEYVAL evaluates 33 states and territories and makes recommendations to national authorities in respect of necessary improvements to their anti-money laundering and counter terrorist financing systems and to counter proliferation financing.