Finance's future assured after positive Moneyval assessment
THE future of the Bailiwick’s finance industry has been assured with a positive assessment from Moneyval, the Council of Europe’s anti-money laundering body.
It took many months of work and cost some £23m. but the verdict that the island would avoid the feared ‘greylisting’ process, which could have seriously damaged the local industry, will be considered to be worth millions more.
The island received a pass rating in six of 11 categories assessed for effectiveness in anti-money laundering and combatting the financing of terrorism.
And it was one of few jurisdictions to pass all 40 recommendations around technical compliance.
The States said that the assessment ‘secures the Bailiwick’s position as one of the best, secure and safe jurisdictions in the world for financial services’.
‘Positive news doesn’t often grab the headlines, but I cannot overstate how important it was for our economy to have a positive outcome,’ said Policy & Resources Committee president Lyndon Trott.
