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National Risk Assessment demonstrates ongoing commitment to fight terrorist financing, money laundering and financial crime

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Thursday 06 February 2020

As part of the Bailiwick of Guernsey's commitment to maintaining a hostile environment for its use by criminals, it is today publishing the report on the National Risk Assessment (NRA) on money laundering and terrorist financing.

While the assessment and completion of the report was led by the Policy & Resources Committee, the project represents significant work by all the authorities in the Bailiwick with responsibilities for fighting terrorist financing, money laundering and financial crime.

The report, produced in line with international expectations and guidelines, helps authorities to understand the level and nature of the risks faced by the various business sectors within the jurisdiction, which is essential in ensuring preventative and other mitigating measures can be effective. Similarly, it provides valuable information to businesses themselves to ensure they have appropriate measures in place to address risks.

The overarching important outcome of the NRA is that all local stakeholders engaged in preventing Guernsey from being used to facilitate terrorist financing, money laundering and financial crime have a common platform to focus their work on the areas of greatest risk.

Deputy Lyndon Trott, Vice-President of the Policy & Resources Committee, said:

'Guernsey continues to demonstrate how it is a leading player in the fight against money laundering and financial crime. That has been shown time and again in independent assessments of the jurisdiction and through the actions and commitments we make. Publishing the NRA is the most recent step we've taken to ensure we remain at the forefront of international efforts to combat money laundering, terrorist financing and other forms of financial crime.'

Deputy Mary Lowe, President of the Committee for Home Affairs, said:

'The NRA plays a key role in informing and supporting the work of Law Enforcement in this jurisdiction, and shows once again how Guernsey takes its role in combatting

financial crime with the utmost seriousness, and has no tolerance for those who would attempt to commit such offences.'

The NRA will form an important document in informing local businesses as they consider their own risk-appetite and the measures they need to manage and mitigate those risks.

The risk ratings contained in the report are relative, meaning a higher rating for a particular sector or product does not necessarily mean it is high risk compared to the equivalent sector in another jurisdiction.

Tony Mancini, Chair of the Guernsey International Business Association, said:

'In any business there are risks and in financial services there is a particularly high expectation that the industry is alive to those risks and taking steps to counter them. Guernsey has an excellent reputation in this regard, but we cannot be complacent. The NRA gives us yet more, good quality information so we know we're putting the right measures in place.'

The information contained in the NRA is also being welcomed by law enforcement and regulatory authorities.

Head of Law Enforcement Ruari Hardy said:

'The NRA is an important document for our officers, particularly our Economic Crime Division which investigates cases of financial crime within the Bailiwick and where appropriate, cooperates with international investigators. This includes law enforcement agencies in the UK, Europe, the USA and elsewhere. By identifying the risk levels faced by our sectors, it helps to inform us and our colleagues overseas.'

William Mason, Director General of the Guernsey Financial Services Commission, added:

'As the regulatory body for the financial services industry in Guernsey, the Commission has a key role in preventing and tackling financial crime and in ensuring businesses put the right measures in place. With the information provided in the NRA, businesses can and should ensure they have a good understanding of the potential risks and make sure they're focusing their efforts appropriately.'

The National Risk Assessment can be found at https://gov.gg/nra

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