IMF evaluated Guernsey’s Regulatory Regime in terms of Money Laundering

The International Monetary Fund (IMF) has published 6 reports that were the result of the evaluations held by the Fund in March and May 2010. These were evaluations on Guernsey’s financial supervision and criminal justice frameworks that concerned anti-money laundering and counter-terrorist financing in the jurisdiction.

In accordance with the reports, Guernsey has financial sector regulation and supervision of a high standard across all sectors. These reports take into consideration Guernsey’s well-positioned basis for an effective Anti-Money Laundering/Combating the Financing of Terrorism regime, with preventative measures in line with the Financial Action Task Force (FATF) Recommendations.

As part of the IMF’s global Financial Stability Assessment Program, the evaluations were produced that assessed the jurisdiction as having a high level of compliance with the international standards. The standards were as follows:
–    the 25 Basel Core Principles for Effective Banking Supervision;
–    -the 28 Insurance Core Principles of the International Association of Insurance Supervisors;
–    the FATF 40 Recommendations on money laundering and 9 Special Recommendations on terrorist financing.

The 6 reports have been welcomed by the Guernsey government and the Financial Services Commission.

Guernsey’s Chief Minister Lyndon Trott said: “The regulatory framework and the Bailiwick’s anti-money laundering and combating the financing of terrorism regime that is now in place have been important factors in both sustaining Guernsey’s economy and developing and maintaining Guernsey’s international reputation as an excellent place to do business. This in turn has been an important driver in the continuing development of Guernsey’s international identity.”

It is worth mentioning that the reports also re-assessed the work of the Financial Investigation Unit (GBA/Police), the Law Officers Chambers and all the member organisations of the AML/CFT Advisory Committee, and reported the achievement of high international standards.

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