MONEYVAL is a body of the Council of Europe, tasked with assessing the effectiveness of measures in place to prevent money laundering and the financing of terrorism. MONEYVAL reports examine the efficiency of the legal system, financial regulation and enforcement, preventative measures in place, as well as international co-operation, and makes recommendations to improve the domestic system to combat money laundering and the financing of terrorism. Guernsey’s report was published in January 2016 following evaluation throughout 2014-15, including an on-island assessment in October 2014.
It concluded that:
- The Bailiwick of Guernsey has substantially strengthened the anti-money laundering and combatting the funding of terrorism preventive measures to which its financial institutions are subject;
- The Bailiwick has in place a range of measures to facilitate various forms of international cooperation;
- Competent authorities and financial institutions are highly competent, knowledgeable and aware of their obligations;
- Cooperation and coordination between Bailiwick authorities is effective.
A link to the full report can be found here.