Council of Europe experts on money laundering and the financing of terrorism have urged the United Kingdom’s Crown Dependency of Guernsey to increase the penalties which can be applied to financial institutions in this area.
Further progress is needed in the number of investigations, prosecutions and convictions concerning money laundering and the financing of terrorism, and the use of restraint and confiscation orders could also be improved.
Overall, however, Guernsey has a mature legal and regulatory system, which has been enhanced by the introduction of modern legislation covering all important aspects of the finance industry.
These are among the main findings of the latest report on Guernsey from the Council of Europe’s Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (or MONEYVAL). (see also the summary of the report)
The report contains an analysis of Guernsey’s implementation of international and European standards on money laundering and terrorist financing, as well as a recommended action plan.
Guernsey has been asked to report back to MONEYVAL at its plenary meeting in September 2017 on the follow-up given to the report.