Guernsey

Sanctions

No

FATF AML Deficient List

No

Higher Risk

Compliance with FATF 40 + 9 Recommendations
Offshore Finance Centre

Medium Risk

US Dept of State Money Laundering assessment 
Weakness in Government Legislation to combat Money Laundering

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ANTI-MONEY LAUNDERING

 

FATF Status

Guernsey is not on the FATF List of Countries that have been identified as having strategic AML deficiencies

 

Compliance with FATF Recommendations

The last follow up Mutual Evaluation Report relating to the implementation of anti-money laundering and counter-terrorist financing standards in Guernsey was undertaken in 2016. According to that Evaluation, Guernsey was deemed Compliant for 28 and Largely Compliant for 20 of the FATF 40 + 9 Recommendations. It was Partially Compliant or Non-Compliant for 0 of the 6 of the Core Recommendations.

 

US Department of State Money Laundering assessment (INCSR)

 

Guernsey was deemed a Jurisdiction of Primary Concern by the US Department of State 2016 International Narcotics Control Strategy Report (INCSR) but has not been included since. Key Findings from the last report are as follows: -

The Bailiwick of Guernsey (the Bailiwick) encompasses a number of the Channel Islands (Guernsey, Alderney, Sark, and Herm). As a Crown Dependency of the UK, it relies on the UK for its defense and international relations. While Alderney and Sark have their own separate parliaments and civil law systems, Guernsey’s parliament legislates in matters of criminal justice for all of the islands in the Bailiwick. Guernsey is a financial center, and as such, there is a risk that proceeds of crime will be invested in or pass through the Bailiwick. In terms of volume, most criminal proceeds arise from foreign predicate offenses; domestic criminal activity, such as drug trafficking, yields the highest overall number of money laundering cases. The principal area of concern or vulnerability remains the risk of abuse of the financial sector to launder the proceeds of overseas criminal activity, primarily financial crimes.

 

SANCTIONS

There are no international sanctions currently in force against this country.

 

 

BRIBERY & CORRUPTION

Rating                                                                           (100-Good / 0-Bad)

Transparency International Corruption Index                           N/A

World Governance Indicator – Control of Corruption             N/A

 

ECONOMY

Financial services account for about 40% of employment and about 55% of total income in this tiny, prosperous Channel Island economy. Tourism, manufacturing, and horticulture, mainly tomatoes and cut flowers, have been declining. Financial services, construction, retail, and the public sector have been growing. Light tax and death duties make Guernsey a popular tax haven. In October 2014, Guernsey signed an OECD agreement to automatically exchange some financial account information to limit tax avoidance and evasion.

 

Agriculture - products:

tomatoes, greenhouse flowers, sweet peppers, eggplant, fruit; Guernsey cattle

Industries:

tourism, banking

Exports - commodities:

tomatoes, flowers and ferns, sweet peppers, eggplant, other vegetables

Imports - commodities:

coal, gasoline, oil, machinery, and equipment

Country Links
Financial Intelligence Service (FIS )
Guernsey Financial Services Commission
Other Useful Links
FATF
US State Department
Transparency International
World Bank
CIA World Factbook

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