National Strategy & National Risk Assessment Report published as part of Guernsey's commitment to combatting financial crime

The States of Guernsey has published its National Strategy and update to the National Risk Assessment (NRA). The documents form part of the Bailiwick of Guernsey’s commitment to ensuring that criminals, including money launderers, terrorists and those financing terrorism or the proliferation of weapons of mass destruction, cannot launder the proceeds of crime through the Bailiwick or otherwise use the Bailiwick’s finance and business sectors.

The Bailiwick of Guernsey has carried out its second NRA of the money laundering and terrorist financing risks presented by individual sectors and products within the jurisdiction. Like the first NRA, the key finding of the second NRA with regard to money laundering risk is that as an international finance centre with a low domestic crime rate, the Bailiwick’s greatest money risk comes from the laundering of the proceeds of foreign criminality. The updated NRA includes the Bailiwick’s first assessment of the risks of financing of proliferation of weapons of mass destruction.

Firms are strongly encouraged to read and familiarise themselves with both documents paying particular attention to the sectors in which your firm operates. Firms should also consider the conclusions of the NRA when they next review their Business Risk Assessments and risk appetite.