Guernsey Called to Ramp Up Battle Against Money Laundering ¤

MONEYVAL Urges Guernsey to Enhance Anti-Money Laundering Measures

MONEYVAL, the Council of Europe’s committee dedicated to assessing anti-money laundering (AML) and counter-terrorist financing strategies, has recently raised significant concerns regarding financial openness in Guernsey. The committee is calling on the island’s authorities to bolster their efforts against money laundering and related financial crimes. This appeal comes amid increasing scrutiny of Guernsey’s regulatory framework and its compliance with international standards set forth by the Council of Europe. The request underscores a broader trend towards heightened vigilance in regions often perceived as attractive for financial services, highlighting the urgent need for robust protections against illicit financial activities. Stakeholders are now keenly observing how effectively Guernsey can adopt MONEYVAL’s recommendations to improve its reputation as a compliant global financial center.

Essential…