Wednesday 28 February 2024
The Bailiwick of Guernsey Financial Intelligence Unit's 2023 annual report has been published, highlighting another productive year for the organisation.
Throughout 2023, the FIU made significant changes to the online reporting system 'THEMIS', helped Guernsey adopt and implement new legislation, and increased its outreach and support to ensure closer working between the private sector and themselves.
The Bailiwick's FIU acts as the competent authority and national centre for the receipt, analysis, development, and timely dissemination of Suspicious Activity Reports from the finance industry. Its analytical and intelligence development functions are critical components of the Bailiwick's regime on anti-money laundering, countering the financing of terrorism and countering proliferation financing.
In 2023 the FIU received 2031 SARs - a 24% decrease on the previous year. 64% of these were from the e-gambling sector.
25% of SARs were linked to the trafficking of illegal substances, 24% to money laundering, 23% to fraud, and 15% tax evasion.
Adrian Hale, Head of the FIU, said:
"There are many challenges when targeting economic and financial crime and acts of terrorism and proliferation, however by working in collaboration with other authorities, and public-private partners we can strengthen the fight against money laundering, terrorist and proliferation financing. Throughout 2023 the FIU maintained its industry outreach programme, including issuing revised guidance and continued to work closely with other Financial Intelligence Units and law enforcement agencies. The FIU also assisted the other authorities in the revised National Risk Assessment and the implementation of a National Strategy."
Deputy Rob Prow, President of the Committee for Home Affairs, said:
"Ensuring the Bailiwick has a robust system of law enforcement to tackle the potential of money laundering, the financing of terrorism and proliferation financing is vital. As a first-class global financial hub, Guernsey must ensure that those with criminal intentions cannot use our financial services and be allowed to undermine the international trust in our finance sector. The FIU is a key part of our armoury, and I am pleased to see the good work they continue to do highlighted in their latest annual report."
The three primary objectives of the FIU are:
- To gather, analyse and disseminate intelligence relating to criminal conduct (including but not limited to: money laundering, the financing of terrorism and the proliferation of weapons of mass destruction), including attempted transactions and activities.
- To act in accordance with the EGMONT Group Principles and Financial Action Task Force (FATF) recommendations in the exchange of information with other FIUs, and other similar bodies and law enforcement agencies both domestically and internationally.
- To conduct strategic analysis in accordance with FATF standards and methodology in respect of identifying money laundering and terrorist financing related trends and patterns.
The full report can be found at: gov.gg/FIUreport2023 and the FIU website Financial Intelligence Unit - Financial Investigation Unit (gov.gg)
