Finance firms invited to MoneyVal follow-up events

Finance firms in Guernsey are being invited to a series of follow-up events following the result of a report by the anti-money laundering body Moneyval.

MoneyVal inspectors visited Guernsey in April 2024 to look at how well the island tackled financial crime.

The inspectors praised the progress made in Guernsey since the last inspection in 2015 but said more work was needed "to improve the investigation, prosecution and conviction of money laundering offences".

The Guernsey Financial Services Commission, which oversees the finance industry, will run a series of sector-specific events in September to go through MoneyVal's findings and what they meant for firms.

The States said the outcome meant the bailiwick was "one of the best, secure and safe jurisdictions in the world for financial services".

All the sessions will be held at the commission's offices at Glategny Esplanade in St Peter Port, the commission said.

The free sessions are: Fiduciary (15 September), Investment (17 September), Banking (22 September), Insurance (23 September) and Prescribed Businesses (30 September).

It said two spaces were available per company for the sessions, which all take place from 09:00 to 11:00.

MoneyVal is part of the Council of Europe that evaluates finance centres, such as Guernsey, to make sure they have robust processes and rules in place to tackle financial crime.

The island's recent MoneyVal assessment tested whether the bailiwick's laws and processes were tackling financial crime effectively, rather than whether financial crime was attempted or had taken place.

Guernsey was placed into regular follow-up, which is the standard monitoring process for jurisdictions MoneyVal believes may have room for improvement but have no major issues.

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