Commission welcomes Guernsey’s positive MONEYVAL report

The Guernsey Financial Services Commission welcomes the findings of Guernsey’s Mutual Evaluation Report by MONEYVAL, the Council of Europe’s permanent monitoring body, published today (Monday 10 February 2025). The report confirms the Bailiwick takes a robust approach to counter money laundering, terrorist financing and proliferation financing.

Speaking about the report, the Commission’s Director General, William Mason, said: “The report recognises and reaffirms that Guernsey is a safe and secure jurisdiction that does not tolerate financial crime. This outcome is the result of a Bailiwick-wide effort and I would like to thank our staff, industry and other official sector actors who made a significant contribution to many of the immediate outcomes in the lead up to, during, as well as after, the onsite inspection in April 2024.”

“Our result for supervision (IO3) is not unexpected, with only the Holy See receiving a higher rating in the whole of the MONEYVAL peer group. The report highlights the Commission’s good quality and thorough onsite examinations, which are complemented by other supervisory tools such as our leading AML technology, thematic reviews, as well as our industry training and outreach initiatives, which the report noted helped improve the overall compliance of regulated entities with AML/CFT obligations. That we are requested to do more but in a similar vein, in some areas probably indicates the proportionate approach the Commission endeavours to take to the international obligations to which the Bailiwick subscribes.”

Fiona Crocker, the Commission’s Director of the Financial Crime Division, added: “Whilst the report recommends a number of actions relating to supervision, these are manageable, and we do not anticipate any fundamental changes to our supervisory approach.

“We look forward to discussing the report and recommended actions in more detail with industry at our Industry Conference ‘Looking ahead – enhancing the Bailiwick through innovation, simplicity and ease of use’ on Tuesday 11 March. Invitations were sent to firms last week, and we would encourage early booking.”

The full Mutual Evaluation Report can be found here, and more information can be found on the States of Guernsey website.