A result's a result over Moneyval

This morning one branch of the Channel Islands media pursued failings rather than success in comparing our results to Jersey’s. Our chief minister made a decent defence on camera while clearly irritated that the angle being pursued was that 'your neighbour did better than you'.

Everyone has been saying for months that Guernsey needed a pass. Nothing more, nothing less. Avoiding greylisting is not a simple process. Many more jurisdictions fall foul of Moneyval in some way than those who receive a clean bill of health. But the pressure on ‘offshore’ Guernsey makes the sting of potential failure even more acute.

Arguably, Guernsey’s performance last time around was something of a selling point, but living up to such high standards can become overly onerous, rather than doing what's needed.

Now Guernsey’s not at the top of the league. Maybe not even in the play-offs. But as long as you stay out of the relegation zone, then it’s job done.

We expected that to be the result before the process started. We were aware of some limitations – some hastily patched up – and an admitted failure to stay Moneyval-ready, meaning a more hectic four-year process than it needed to be. Now we’re told that the eye will be kept firmly on this ball.