Guernsey achieves highly successful outcome in MONEYVAL's assessment of its anti-financial crime measures

Guernsey was one of the few jurisdictions to pass all 40 recommendations around technical compliance, demonstrating that Guernsey does not tolerate financial crime.

As a result of its excellent performance, Guernsey has been placed into what is described as 'regular follow-up', which is essentially the core objective of all jurisdictions being evaluated. The report confirms that Guernsey has comprehensive measures to prevent the misuse of legal persons and arrangements for AML and CFT, with information on beneficial ownership being readily available and the jurisdiction demonstrating a strong degree of international cooperation.

Guernsey is ranked second in the Moneyval peer group for the quality of its supervision, ahead of its peers. Guernsey also joins the UK and US as one of only three jurisdictions to have achieved a "high level of effectiveness" rating against the FATF Immediate Outcomes in respect of preventive measures and sanctions to counter terrorist financing and proliferation financing.

Carey Olsen was one of the Guernsey law firms interviewed and evaluated by MONEYVAL, the Council of Europe’s anti-money laundering and counter-terrorist financing body.

Carey Olsen Guernsey deputy managing partner, Elaine Gray, commented: "This report represents a very positive result for Guernsey. It demonstrates that we have robust and effective measures in place to tackle financial crime in the island, and that we continue to make strong progress in all areas under review.  Guernsey has been operating as a successful finance centre for over 50 years now and these results prove that the island continues to be one of the best jurisdictions in which to conduct financial services business."