Moneyval is money well spent
AS ONE States member told his colleagues this past week – ‘if you think safety is expensive, try having an accident’.
That is the mindset that the States of Guernsey adopted when faced with an update evaluation from Moneyval, the Council of Europe’s anti-money laundering body.
And though the preparations for the evaluation and on-island inspection are estimated to be in the region of £23m., it has to be seen as money well spent.
Most countries struggle to please the Moneyval inspectors. As of the end of 2023, about two-thirds of the jurisdictions assessed had been placed into enhanced follow-up, a cause for embarrassment, much extra work and cost, and potentially a threat to business too. We’ve escaped that.
For Guernsey this means, at least, business as usual, and potentially, an opportunity to do better.
The 363 pages of the report give Guernsey a good pass, but is couched in Moneyval's standard negative language.
Its press release starts with a negative ‘urging Guernsey to improve the investigation, prosecution and conviction of money laundering offences’.
It’s clear that this is now an ongoing journey for the States, the industry, and the island, and one that will take manpower, and millions from the taxpayer. But it has to be considered to be worth it.