Bailiwick updates its national risk assessment against money laundering
The Bailiwick of Guernsey has updated its national risk assessment of the money laundering and terrorist financing risks present in the islands.
The work was published just before the end of the year by the States, and the governments of Alderney and Sark, in advance of the forthcoming Moneyval financial crime assessment, due to start within months. The work updated a previous assessment published in January 2020.
‘It is worth noting that there is no requirement within the FATF standards to publish a national strategy but, nevertheless, we consider it important to articulate the Bailiwick’s position publicly and transparently for the benefit of domestic and international stakeholders.
‘The aim in doing this is to emphasise that public and private sectors alike are working to a common purpose – and by doing so to deter criminals from using the Bailiwick for their activities,’ said Policy & Resources president Deputy Lyndon Trott.
‘We are reaffirming the Bailiwick’s commitment to meeting the FATF standards and continuing both to strive to meet existing best practice and to develop new best practice where the Bailiwick can add value.
‘As criminals adopt new approaches, and as global expectations change on what best practice looks like, the Bailiwick is committed to continually investing in and enhancing the controls protecting us from criminal abuse and contributing to the prevention and detection of financial crime outside our borders.’
The assessment is part of the publication of a national strategy, which includes a vision, risk assessment and risk appetite statement, and the Bailiwick’s strategic priorities for the implementation of Financial Action Task Force standards, which the islands have followed for more than 20 years.
Rob Prow, as president of Home Affairs, jointly chairs with Deputy Trott a strategic coordination forum to deliver the strategy.
‘All elements of our strategy align with the findings of our latest national risk assessment.
‘As a jurisdiction, we remain absolutely committed to meeting our international obligations and doing everything we can to prevent and eliminate money laundering, terrorist financing and the financing of proliferation of weapons of mass destruction,’ he said.
