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The Economic & Financial Crime Bureau and Financial Intelligence Unit [Bailiwick of Guernsey] Law has been implemented, making the organization a legally autonomous and independent law enforcement body.
The new Law established the Office of the Director of the Economic & Financial Crime Bureau (EFCB) and specifies the roles and responsibilities of the Bureau and the Financial Intelligence Unit (FIU) to combat terrorist funding and money laundering.
The EFCB was founded in June 2021 to boost the island’s approach to financial crime. The FIU, which was originally a part of Bailiwick Law Enforcement, now comes under the EFCB even though it continues to operate independently.
The President of the Committee for Home Affairs, Deputy Rob Prow, stated that “in 2024, Guernsey will be evaluated once again by MoneyVal. This inspection will for the first time assess the effectiveness of our AML/CFT systems and the measures that we as an island take to tackle money laundering and terrorist financing. We have for some time been preparing for this evaluation to ensure that our response to financial crime reflects modern practices and we are fully supportive of the EFCB and its Director in the measures they are taking. This is not just about the inspection, however. We are always looking at ways to strengthen our defenses against financial wrongdoing and the creation of the Bureau was the natural next step for us to take.”
Although the EFCB has now been successfully functioning under administrative rules, the new Law clarifies the EFCB’s mandate and responsibilities.
The Director of the Economic & Financial Crime Bureau, Kevin Davis, stated that “the Bureau’s new legal status is a very important milestone in our continuing work to strengthen the Bailiwick’s stance against money laundering and terrorist financing. This new Law sets out and clarifies the Bureau’s responsibilities as the designated investigative authority, and the FIU’s role as the competent authority to deal with suspicious activity reports, for tackling these crimes and in this regard fulfills the Bailiwick’s compliance obligations under international standards. Crucially, it makes provision for accessing a wide range of investigative powers and legal remedies that are vital if we are to successfully respond to the financial risks and threats faced by the Bailiwick.”
“These risks are set out in Guernsey’s National Risk Assessment on Money Laundering and Terrorist Financing and countering these in a proactive way is a crucial component in helping to maintain Guernsey’s reputation as an international finance center and forms part of a wider jurisdictional approach to demonstrate effective compliance with international standards for which we will
be adjudged by Moneyval in 2024,” said Kevin Davis.
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