Fines for finance offences could rise
JUST hours after the publication of a positive report on Guernsey's willingness to tackle money laundering, the States has revealed plans to increase fines for wrongdoing in the financial services sector.
In a report to the States prepared and agreed by the Policy Council before the Moneyval report was published at the end of last week, the Policy Council is proposing to increase maximum fines for licensees for offences including money laundering from £200,000 to £4m. Any fine above £300,000 will be limited to a maximum of 10% of the licensee's turnover.
The report from international organisation Moneyval said that the Guernsey Financial Services Commission's maximum discretionary penalties were 'not dissuasive and proportionate'.
A swift change to the legislation will have the benefit of demonstrating to the international community that Guernsey is responding rapidly to Moneyval's finding as well as preparing Guernsey for future evaluations of its financial supervisory framework,' said Chief Minister Jonathan Le Tocq, pictured, in the report.
