AN INDEPENDENT external assessment of Guernsey’s systems for preventing financial crime is set to be discussed in Strasbourg today at the plenary meeting of MoneyVal.
MoneyVal is a body of the Council of Europe tasked with assessing the effectiveness of measures in place to prevent money laundering and the financing of terrorism. Guernsey is one of 35 European countries and jurisdictions that are part of the MoneyVal process.
The island was inspected by MoneyVal earlier this year and it is understood that its findings will be discussed today.
‘The MoneyVal evaluation is important. As a jurisdiction with a global finance sector, we need to demonstrate that we continue to meet the highest international standards of law enforcement and regulation,’ said Chief Minister Jonathan Le Tocq.
‘Although the Policy Council leads and co-ordinates Guernsey’s engagement with MoneyVal and its evaluators, this is very much a “Team Guernsey” process. Law Enforcement, the Law Officers, the Guernsey Financial Services Commission, the Alderney Gambling Control Commission, the registrars for companies and non-profit organisations and businesses in Guernsey have had significant involvement in this, as well as the States.
‘The Policy Council is enormously grateful for the input and resource that has been contributed across the island.’
The meeting in Strasbourg marks the beginning of the final part of the evaluation process, with the report expected to be published later in the autumn.
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