Moneyval is a very real threat
IT’S a very strong indication of the importance being placed on Guernsey’s forthcoming anti-money laundering evaluation from Moneyval, the permanent monitoring body of the Council of Europe, that every seat was taken in a packed St James for the Guernsey Financial Services Commission’s annual conference.
The commission chose not to give the event the title of ‘How to make sure you don’t bring down the entire finance sector’ but the message was still clear. Failure in front of Moneyval is not an option.
Everyone – that’s the States, and its regulatory bodies, the commission and the industry – needs to pull together for the greater good, and that seems to be understood. Not only has the States had to enact new laws, and the regulatory bodies prove their effectiveness and that of their processes, but between 30 and 40 firms are going to receive an on-site visit from inspectors early in 2024.
Everyone is aware that a grey-listing from the Financial Action Task Force’s International Cooperation Review Group would, or could, be close to terminal for the island’s major industry, both practically and reputationally.
Guernsey came out of its last evaluation in the rudest of health, and has played on that reputation for a long time, but now goalposts have moved and the island cannot afford to be complacent.
The industry turnout must have given the States and the regulator some confidence that the threats are being taken very seriously.