In 2012 the Bailiwick of Guernsey together with the other Crown dependencies joined MONEYVAL.
Who is MONEYVAL?
MONEYVAL is a monitoring body of the Council of Europe. It is entrusted with assessing compliance with the principal international standards to counter money laundering and the financing of terrorism and the effectiveness of their implementation. It also makes recommendations to national authorities in respect of necessary improvements to their systems.
MONEYVAL’s aim is to improve the capacities of national authorities to fight money laundering and the financing of terrorism more effectively. It does this by considering the AML/CFT evaluation procedures and practices used by the Financial Action Task Force (“FATF”), the International Monetary Fund (“IMF”) and the World Bank and applying them within its own assessments which are conducted through a process of mutual evaluation, peer review and regular follow-up of its reports.
To date the Bailiwick of Guernsey’s evaluations have been undertaken by the IMF; however, MONEYVAL provides a separate process to report on the Bailiwick’s progress in addressing recommendations arising from visits and reports made by the IMF. The most recent IMF review took place in 2010.
MONEYVAL Plenary – 4th to 6th December 2013
Representatives from the Bailiwick’s agencies who assist in mitigating financial crime risks attended a MONEYVAL Plenary from the 4th to 6th December 2013. Those representatives attended to present a report and to respond to questions on the progress made by the Bailiwick of Guernsey in addressing the IMF recommendations following its evaluation in 2010. That evaluation was undertaken against the FATF 40+9 Recommendations relating to AML/CFT.
The report and responses provided on behalf of the Bailiwick demonstrated the progress made to date in addressing the IMF’s recommendations. The Bailiwick’s report was accepted by the MONEYVAL plenary.
MONEYVAL 2014 Visit
MONEYVAL will be visiting the Bailiwick of Guernsey to perform an evaluation from Monday 6th to Friday 10th October 2014. The scope of the assessment is to further evaluate the Bailiwick’s progress in addressing the IMF’s above-mentioned recommendations following its evaluation in 2010 and to assess the Bailiwick’s compliance with the 2003 FATF recommendations.
For further information regarding MONEYVAL please review its website located at: http://www.coe.int/t/dghl/monitoring/moneyval/About/MONEYVAL_in_brief_en.asp