This page provides information on the Bailiwick of Guernsey's "national" risk assessment in relation to money laundering and terrorist financing.
All jurisdictions are subject to money laundering and terrorist financing risks, and the now widespread concept of a national risk assessment has evolved to meet the international requirement for jurisdictions to identify, assess and understand the risks they face. In turn, this better equips governments, their civil servants and the relevant operational authorities to mitigate the risks, such as the risks of Guernsey businesses being used to facilitate terrorist financing and the laundering of proceeds-generating crimes like corruption (including illicit enrichment).
The national risk assessment is by no means the first assessment of risk which has been undertaken by the authorities in the Bailiwick but, it is by some way, the most comprehensive. In practice, identification and assessment of risk should be continuous, and the coming years will inevitably mean more focus on this so that all those engaged in fighting terrorist financing and money laundering (and proceeds-generating crime) can continue to target work where it is most needed to ensure the most hostile environment possible to use of the Bailiwick by criminals.
In February 2020, sessions on the NRA were held for the private sector by representatives of the States of Guernsey, the Guernsey Financial Services Commission and the Financial Intelligence Service. The aim of these sessions was to give an overview of the ML/FT threats and provide initial guidance on how reporting entities should apply the NRA report to their businesses. Nearly 600 private sector delegates attended. The power-point slides which accompanied these presentations can be found in the Downloads section of this page.