Moneyval engagement ‘positive and productive’ - P&R president

Policy & Resources’ president Lyndon Trott and Home Affairs’ president Rob Prow played key roles in the visit and both were quizzed by the inspectors during their stay.

But Deputy Trott said that thanks to the huge amount of work that had gone into preparing for the inspection, he believed that it had gone well.

‘What became obvious towards the end of the evaluation was that the engagement was positive and productive,’ he said.

‘My interpretation of that is that I think the finance sector can be confident that the final review of the Moneyval evaluators will reflect the competency and professionalism of all involved.’

There had been ‘intensive evaluation exercises’ carried out by the inspectors with representatives of the Guernsey Financial Services Commission, the judiciary, and industry bodies.

Deputy Trott himself, both in his role of president of P&R but also as chairman of Guernsey Finance, and Deputy Prow were among those tasked with answering questions and submitting evidence, and then being subject to face-to-face interviews.

‘We were very well prepared and had an excellent story to tell,’ he said, when asked if the interview was particularly stressful.

‘Frankly, in my political career I have been in more challenging environments.’

A good Moneyval assessment will help attract legitimate business come to Guernsey while deterring those looking to undertake criminal activity such as money laundering.

Deputy Prow echoed Deputy Trott’s comments about the intensive nature of the investigation period and he was grateful for the hard work of the Bailiwick agencies and bodies involved and States of Guernsey staff, as well as colleagues in Alderney and Sark for their efforts and ‘significant input’.

‘There is still work to do as part of the review process, and we will continue to engage with the review in a wholly collaborative way,’ he said.

‘We are aware of the initial findings of the secretariat and evaluators, and believe that they provide a constructive basis on which the final report will be based.

‘The Bailiwick has an absolute commitment to meeting the international standards reflected in the Financial Action Task Force recommendations against which Moneyval is assessing us, now and in the future.’

A draft report will be prepared for the island to see in the coming weeks but it will not be until next year that the final one is published.

There will be a Moneyval plenary meeting where other jurisdictions will be asked to formally adopt the final report.