HAVING an innovative finance sector means Guernsey must be even more vigilant when it comes to the risks posed by money laundering and terrorist financing, a seminar audience has heard.

Speaking to around 150 people from Guernsey’s finance industry at global compliance specialist World-Check’s financial crime risk seminar, the firm’s Robert Mitchell (pictured) discussed a number of the regulatory and compliance issues currently facing organisations.

The head of enhanced due diligence for Europe, the Middle East and Africa at World-Check said that as a leading financial centre, Guernsey had already strengthened its internal regulations to counter criminal groups, but all local businesses had to remain alert and vigilant.

‘Because of the innovative financial products Guernsey has come up with it has remained at the forefront of the financial community globally, but it also means it has potentially more products to be taken advantage of, which puts it at more risk. ‘

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