Regulatory Action Likely As Moneyval Inspection Looms

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We are expecting the next Moneyval assessment in 2023.

Guernsey Government, Public Sector

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We are expecting the next Moneyval assessment in 2023. The visit will be the first since 2016 and Guernsey needs to be ready to present a picture of robust regulation. The key aspects from the GFSC's perspective are likely to be its ability to demonstrate prosecutions for money laundering offences, significant sanctions imposed upon licensees in breach of AML/CFT regulations and that the civil forfeiture regime is being used effectively. Guernsey has a legitimate need to demonstrate its continuing commitment to developing international standards and these sorts of actions will inevitably remain a major part of that. This may lead to an increase in enforcement action and prosecutions in the window before Moneyval's visit. This is something that regulatory lawyers – and specifically those who deal with regulatory disputes – are very focused on for 2022.

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Regulatory Action Likely As Moneyval Inspection Looms

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Government, Public Sector

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Guernsey