Jersey hails good Moneyval report as Guernsey waits
Guernsey continues to wait with bated breath after Jersey received a positive report from its Moneyval inspection.
The island’s government has hailed the report as a success, saying it meant the island had been recognised as a responsible finance centre and its effectiveness in preventing financial crime was among the highest level found in jurisdictions worldwide.
‘Few jurisdictions achieve this high level of compliance,’ said Deputy Ian Gorst, its minister for financial services.
‘We’ll continue to uphold high international standards of regulation and have already started implementing recommendations from the review. This is a strong base from which to grow and develop the industry further, enhance our competitiveness and meet the needs of our global clients.’
The report assesses Jersey against international standards to determine the effectiveness of the island’s anti-money laundering and counter-terrorist financing measures.
Onsite inspections were carried out in Jersey in September last year.
Guernsey received Moneyval inspectors in April, and so can expect its full report in the early months of 2025.
Avoiding a grey listing in the assessment is seen as critical for the future of the finance industry in the islands.
The report said that in terms of understanding risk and national cooperation and coordination, the island ‘had reached a level of effectiveness only seen in three other jurisdictions worldwide’.
The report also praised the accuracy and transparency of beneficial ownership information, recognised the island’s record on international cooperation, and said that no fundamental improvements were needed to the Jersey regime.
Rated for ‘moderate’ effectiveness was the island’s record in money laundering investigations and prosecutions.
The report noted that while money laundering cases were routinely investigated and proceeds of crime are pursued as a policy objective, the number of prosecutions had been ‘modest’.
‘The work to combat financial crime is not over, and never will be. Like every other jurisdiction Jersey will have to continue to adapt to meet changing threats,’ Deputy Gorst added.
‘The report endorses our current national strategy and much of the work we are already doing, but we will also address the recommendations made for improving our system. We will do so in a proportionate and reasonable manner, and through proper consultation with industry.’
