The Council of Europe’s anti-money laundering body, MONEYVAL, published an evaluation report calling on Guernsey to step up the investigation, prosecution and conviction of money laundering offences, while noting a strong understanding of money laundering and terrorist financing risks and a highly effective application of targeted financial sanctions. The report commends Guernsey’s Financial Intelligence Unit for high-quality analytical and strategic products but finds they are used only to a limited extent by law enforcement to initiate investigations, with the quality of suspicious activity reports remaining a concern. MONEYVAL also highlights that the Guernsey Financial Services Commission and the Alderney Gambling Control Commission apply a risk-based supervisory model but should improve the frequency and scope of examinations, and flags challenges in mitigating risks from complex corporate structures and applying countermeasures for tax-related money laundering. While beneficial ownership transparency measures are described as comprehensive, enforcement actions have been limited, and although international cooperation is active, the volume of Financial Intelligence Unit cooperation requests is not fully aligned with Guernsey’s risk profile and international cooperation channels are not being fully used. Guernsey is expected to report back to MONEYVAL under the regular follow-up reporting process in May 2027.
Committee of Experts on the Evaluation of Anti-Money Laundering Measures (MONEYVAL) 2025-02-10
MONEYVAL urges Guernsey to improve money laundering investigations and increase use of financial intelligence
MONEYVAL's report urges Guernsey to enhance efforts in investigating, prosecuting, and convicting money laundering offences, despite understanding related risks. It praises the Financial Intelligence Unit's analytical work but notes limited law enforcement use and concerns over suspicious activity reports. It calls for improved supervisory examinations and highlights challenges with complex corporate structures and tax-related money laundering countermeasures.