Being seen to do the right thing
JUST as the Guernsey authorities were surprised last week to learn that they were in danger of being forgotten about over post-Brexit trade deals, now we find out that our reputation over sharing information is being questioned.
These claims, made in a report from the British-Irish Parliamentary Assembly over post-Brexit UK-EU defence and security cooperation, could be something and nothing. Or they may be considered to be very serious.
A few years ago a senior figure in financial crime enforcement in the UK came to Guernsey for a conference and made throwaway remarks about Guernsey’s record for assistance on financial crime. It was not taken lightly. Senior figures from financial regulation and the Border Agency were alerted and soon they were at the hotel, having it out with the individual concerned over the finger buffet. A climbdown of sorts ensued.
The island takes this seriously. It needs to demonstrate the highest standards of information-sharing over sanctions, and financial intelligence, particularly with reference to crime.
It’s the track record of doing the right thing at the right time over financial crime which helps Guernsey to continue to walk the tightrope over significant policy shifts, including public access to beneficial ownership registers, and continuing to enable rightful privacy over financial services matters.
But it is critical that that track record and preparedness to act when required are recognised at the highest levels. Any uncertainty over our record of cooperation is, at the least, unhelpful.