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News and Resources on Financial Crime

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Updates of developments in financial crime, and links to resources including materials from live events.

Industry Update on the National Strategy and National Risk Assessment

On 23 January 2024, more than 500 members of the financial services industry attended an update on the National Strategy and National Risk Assessment (NRA). The Bailiwick's AML/CFT authorities once again came together to present on how the updated National Risk Assessment, or NRA2, demonstrates our understanding of the Bailiwick's money laundering, terrorist financing and proliferation financing threats and vulnerabilities, which drives the risk-based approach taken across the AML/CFT authorities; and now covers, and importantly gives equal treatment to, countering proliferation financing. The GFSC's NRA page contains copies of the slides from the day and other useful information about the National Strategy and National Risk Assessment.

Guernsey Financial Services Commission guidance on Anti-Money Laundering and Combatting the Financing of Terrorism

In October 2023, the GFSC published guidance for registered directors about on their anti-money laundering and counter terrorist financing obligations. It is available at AML/CFT guidance for registered directors — GFSC

Guernsey financial Services Commission hosts workshops on Money Laundering/Terrorist Financing risks

In September 2023, the Guernsey Financial Services Commission hosted workshops for the finance industry to share feedback on how well firms identified ML/TF risks to their businesses. The GFSC shared suggestions of how firms could improve their business risk assessments by using the National Risk Assessment to help them identify risks within their business. More information about the content of the workshop is published on the GFSC's website here: PowerPoint Presentation (gfsc.gg)

Financial Intelligence Unit publishes 2022 annual report

The 2022 annual report for the Financial Intelligence Unit can be read at CHttpHandler.ashx (gov.gg)

Economic & Financial Crime Bureau publishes 2022 annual report

The 2022 annual report for the Economic & Financial Crime Bureau can be read at EFCB Annual Report 2022_0.pdf (gov.gg)

UK's first law enforcement data adequacy decision since leaving EU sees Bailiwick of Guernsey's strong privacy laws recognised

In July 2023, it was announced that UK law enforcement authorities will be able to freely transfer personal data to Guernsey Police, the Economic & Financial Crime Bureau, and the Guernsey Border Agency under legislation laid in Parliament. The UK Government's positive decision on Guernsey was the first law enforcement data adequacy decision it had made using new powers gained since leaving the European Union. This data adequacy decision will help Bailiwick Law Enforcement and the EFCB prevent crime and work with UK authorities during investigations. It provides UK authorities greater certainty and confidence in the regulatory landscape of Guernsey. Read more about the decision at UK's first law enforcement data adequacy decision since leaving EU sees Bailiwick of Guernsey's strong privacy laws recognised - States of Guernsey (gov.gg)

Published report - Managing the risk posed by Politically Exposed Persons

In July 2023, the Guernsey Financial Services Commission published a report on the effectiveness of firms' monitoring of, and compliance with, requirements for managing the risks posed by Politically Exposed Persons. The results showed that the controls employed by firms to mitigate PEP risk were effective. The report includes examples of good practice, and identifies areas for improvement where firms could improve their policies, procedures and controls. The report is available at PEP Thematic Public Report.pdf (gfsc.gg)

Quad Island Forum meets in London to discuss Economic Crime and International Tax Crimes

In June 2023, the Financial Intelligence Units from Gibraltar, Guernsey, Isle of Man and Jersey under the Quad Island Forum met in Gibraltar House, London, as part of their ongoing commitment to further develop the Quad Island Forum and extend to other authorities with responsibilities for financial crime. The three-day meetings included discussions between the Guernsey FIU, the Economic Crime and Confiscation Unit from Jersey, and the Isle of Man Proactive International Money Laundering Investigation Team, and focused on exchanging best practices in preparation for the upcoming MoneyVal mutual evaluation assessments. Further information is available at Quad Island Forum meets in London to discuss Economic Crime and International Tax Crimes - States of Guernsey (gov.gg)

Officers from Guernsey's Financial Intelligence Unit and Economic & Financial Crime Bureau attend a Terrorist Financing training event in Gibraltar

In May 2023, the Bailiwick's Financial Intelligence Unit and Economic and Financial Crime Bureau participated in a joint Terrorist Financing training event, coordinated by the Gibraltar Financial Intelligence Unit at the University of Gibraltar. Guernsey's FIU hosted a similar event in November 2019. Read more at Officers from Guernsey's Financial Intelligence Unit and Economic & Financial Crime Bureau attend a Terrorist Financing training event in Gibraltar - States of Guernsey (gov.gg)

Guernsey reaffirms commitment to combatting financial crime at MONEYVAL Ministerial meeting

In April 2023, Deputy Jonathan Le Tocq, Guernsey's political lead for External Relations, formally reaffirmed the Island's commitment to combatting financial crime at a high-level Ministerial meeting, being held at the invitation of Poland's Minister of Finance in Warsaw. Read more here: Guernsey reaffirms commitment to combatting financial crime at MONEYVAL Ministerial meeting - States of Guernsey (gov.gg)

Published report - Money Laundering and Terrorist Financing Business Risk Assessments   

In December 2022, the Guernsey Financial Services Commission published a report on its thematic review of the money laundering and terrorist financing business risk assessments. The report includes examples of good practice identified during its review as well as areas of improvement. The report can be read at 20221215 - ML TF BRA Thematic Review.pdf (gfsc.gg)

Indonesian Minister of Law and Human Rights visits Guernsey

The Indonesian Minister of Law and Human Rights, His Excellency Yasonna Laoly, visited Guernsey for the first time on 28th November 2022 to help strengthen cooperation on asset recovery and to combat transnational financial crime. Read more about the visit at Indonesian Minister of Law and Human Rights visits Guernsey - States of Guernsey (gov.gg)

Economic & Financial Crime Bureau now enshrined in Law

In November 2022 the Economic & Financial Crime Bureau and Financial Intelligence Unit [Bailiwick of Guernsey] Law 2022 came into force, meaning the organisation is a legally independent and autonomous law enforcement authority. The new Law established the Office of the Director of the Economic & Financial Crime Bureau and clarifies the role and the functions of both the Bureau and the Financial Intelligence Unit to tackle money laundering and terrorist financing. Read more at Economic & Financial Crime Bureau now enshrined in Law - States of Guernsey (gov.gg)  

The Quad Island Forum of Financial Intelligence Units signs MOU with the UK's NCA

In October 2022 the Financial Intelligence Units from Gibraltar, Guernsey, Isle of Man and Jersey - under the Quad Island Forum of Financial Intelligence Units - signed a memorandum of understanding with the UK's National Crime Agency. Read more at The Quad Island Forum of Financial Intelligence Units signs MOU with the UK's NCA - States of Guernsey (gov.gg)

President of the Committee for Home Affairs explains MoneyVal process

Deputy Rob Prow, President of the Committee for Home Affairs, explains the importance of MoneyVal in an interview with Bailiwick Express; What is MONEYVAL and why is it so important? | Bailiwick Express

Economic & Financial Crime Bureau publishes 2021 annual report

The 2021 annual report for the Economic & Financial Crime Bureau can be read at EFCB Annual Report 2021.pdf (gov.gg)

Financial Intelligence Unit publishes 2021 annual report

The 2021 annual report for the Financial Intelligence Unit can be read at CHttpHandler.ashx (gov.gg)

Guernsey Financial Services Commission holds workshop on sanctions

In June 2022, the GFSC hosted a workshop with licensees to share feedback and best practice monitoring of, and compliance with, targeted financial sanctions. This followed a review in 2021 to assess the effectiveness of licensees' activity in this area. Content from the workshop can be viewed at GFSC Sanctions Thematic presentation_1.pdf

Thematic Review - Sanctions 

In May 2022, the Guernsey Financial Services Commission published a report on its thematic review of its licensees' effectiveness in monitoring and compliance with targeted financial sanctions. The report includes examples of good practice and provides details as to how firms can continue to ensure that they consider and document their sanctions risks, the screening process, as well as testing the effectiveness of their sanctions screening systems. The report can be found at 20220511 - Sanctions Thematic Review.pdf (gfsc.gg)

Economic & Financial Crime Bureau publishes 2021-2023 Business Plan

The Economic & Financial Crime Bureau was launched in June 2021 and forms part of Guernsey's drive to enhance the jurisdiction's capacity and effectiveness in tackling economic and financial crime; particularly in respect of money laundering, terrorist financing and other serious economic crimes such as bribery, corruption and tax evasion. The EFCB's 2021-2023 Business Plan can be read at EFCB Business Plan.pdf (gov.gg)

Thematic Review - Reporting Suspicion 

In July 2021, the Guernsey Financial Services Commission published its review of the reporting of suspicion of money laundering or terrorist financing. The report includes details of how firms should compare their practices and where gaps are identified, introduce updated policies, procedures and controls. The report is published at 20210715 - Reporting Suspicion Public Report.pdf (gfsc.gg)

Home Affairs launch the new Economic & Financial Crime Bureau

In June 2021, a new, independently led, enforcement entity was established by the Committee for Home Affairs, in full consultation with the Policy & Resources Committee, to investigate money laundering, economic crime and recover the proceeds of unlawful conduct. Read the announcement at Home Affairs launch the new Economic & Financial Crime Bureau - States of Guernsey (gov.gg)

Appointment of Director of Economic Crime & Money Laundering

In January 2021 the Committee for Home Affairs announced the appointment of Kevin Davis as Director of Economic Crime & Money Laundering Investigations. Read the announcement at Appointment of Director of Economic Crime & Money Laundering - Kevin Davis - States of Guernsey (gov.gg)

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