Money-laundering fight moves outside finance
Thursday 30th October 2008, 2:30PM GMT.
Chris Le Marchant.
THOSE of you who have been studying the world of money laundering will probably have come to the conclusion that one of the easiest ways to launder a substantial amount of money has been through a property transaction.
You will also have noticed that many such cases have included the use at some stage or other of professional advisers – often a lawyer or an accountant.
It should therefore be no surprise that Guernsey’s authorities are now following international standards and are introducing an anti-money -laundering/countering terrorist-financing regime for lawyers, accountants and estate agents in the Bailiwick.
After a period of consultation, the Policy Council passed The Criminal Justice (Proceeds of Crime) (Legal Professionals, Accountants and Estate Agents) (Bailiwick of Guernsey) Regulations, 2008, on 8 September.
Alongside the regulations, the Guernsey Financial Services Commission issued rules and guidance applying to these professions. They are contained in a handbook which describes them as ‘prescribed businesses’.
When carrying out certain specified activities, the prescribed businesses must comply with the regulations. Failure to do so could result in prosecution.
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Chris Le Marchant
This island and its people are so loved up with making money the majority of them operate under a: ask no questions get told no lies policy. We need proper scrutiny and not handled by the incompetent individuals that we have. A lot of money invested locally is unethical or criminal. This island sweeps things like this under the carpet because it would not be good for the bigger picture or record breaking figures.
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Paul
What a load of utter tosh. I have worked around the world in major financial institutions and Guernsey is no different with the same training and tight processes surrounding receipt of money.
Are you very bitter about something?
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PC
I agree that our processes are on a par and more often tighter than our competitors elsewhere. That doesn’t alter the fact that as a tax haven we are more attractive to high net worth depositors, be they legitimate or criminal. That’s how we have built up the industry here. Anyone can incorporate a company. Tommy Suharto did. Why was his cash allowed here? If someone with as high a profile as the son of an Indonesian dictator with one of the worst records of financial criminality ever known can deposit money here, who else is there?
A lot of people feel bitter that because of our drive to boost deposits and beat the competition then some moral conscience is conveniently overlooked.
Guernsey is making pro active efforts to ensure some transparency, but all the time we profit on global tax disharmony then the criminals will be one step ahead.
The bitterness is that while a few people get very rich, usually non locals exploiting the system, the locals feel left out and powerless, run by a Government that does not listen, or act, in their interest, and who constantly repeat the mantra presented to them by the finance industry leaders.
What is good for external businesses is not necessarily what is good for the Guernseyperson, despite the graphs showing car ownership is up and the amount of coffee sold is going through the roof.
Despite the last fifteen years of boom (and we are still being told how well we are doing) we have no contingency, infrastructure is in disrepair, mental illness is on the rise, the gap between rich and poor is widening, small businesses are not able to get a toehold, sewage on the beaches etc etc. The democratic process proved a bit of a sham as the exponents of the last house who were seen as architects of the rising disenfranchisement of the public managed to get all the top jobs despite losing major percentages of the public vote.
Are we a rich Island? The shiny cars and the constant home improvements may tell one story, but these are individual riches, not societal.
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