GUERNSEY has reaffirmed its commitment to fighting the spread of dirty money. At the latest meeting of the Egmont Group, which comprises 94 countries dedicated to tackling financial crime, the island agreed to formalise arrangements and the conditions, such as strict confidentiality, that are a prerequisite to the exchange of financial intelligence.

‘It is important when dealing with other jurisdictions, especially those that have a different legal system, that we ensure the basis and preconditions for any exchange of financial intelligence are fully respected and understood,’ said Financial Intelligence Service director Mark de Garis.

‘These memoranda of understanding greatly assist in achieving this goal as well as serving to reiterate the Bailiwick’s public commitment to preventing money laundering and countering the financing of terrorism.’

The chief officers of the police and the Customs and Immigration Service signed memoranda of understanding with the United Kingdom, Ireland, Portugal, Latvia and Colombia on behalf of the FIS.

‘Combating financial crime is all about the rapid exchange of information. These agreements assist and enhance the effectiveness of the FIS,’ said chief Customs and Immigration officer Rob Prow.

Chief of police George Le Page said: ‘Law enforcement has a duty of care to both the subjects and originators of all intelligence, including financial intelligence.

‘These agreements greatly assist in this regard and complement others the FIS has already with its counterparts in Belgium, France, Italy and Australia.’