Criticism in IMF reports technical issues – Giba
Monday 17th January 2011, 2:29PM GMT.
GUERNSEY’S shortcomings as highlighted by the International Monetary Fund are purely technical, according to Guernsey International Business Association chairman Paul Meader.
The IMF assessed the Bailiwick on its financial supervision and criminal justice regime last year, and a series of six reports giving its findings were released last week.
The reports were largely positive, but pointed out several areas where the island needed to improve, such as more in-depth investigations into money laundering activities.
Mr Meader (pictured) said the reports had been very thorough and validated the island’s position as a premier global financial centre.
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Wiki-Leaks, coming to an island near you soon!
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Fairly important ‘technical’ issues though, eh Mr Meader. Like, not investigating. What are we hiding?
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The International Monetary Fund said it is concerned about the way Guernsey implements its money- laundering rules, saying there is a “disconnect” between cases that are investigated and those eventually prosecuted. It needs to bolster rules to prosecute foreign money launderers and expand the list of “high-risk customers”.
The IMF also said that “the modest number of cases involving money laundering by financial-sector participants, and the disconnect between the number of money-laundering cases investigated versus the number of cases prosecuted and eventually resulting in a conviction, calls into question the effective application”.
HIGH PRIORITY
You wouldn’t know it from the GuernseyFinance and Policy Council press releases but a large part of the IMF report was devoted to the fallout from the collapse of a Guernsey-registered, GFSC-authorised bank in October 2008.
The IMF said that banks in Guernsey remain exposed to spillover risks from their parent companies. Guernsey should monitor the financial soundness of the parent companies of its banks as a matter of “high priority” and establish a panel to examine financial stability on the island, the IMF said.
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…amateurish drug growers, and now, amateurish financiers!
Can’t we get some PROFESSIONAL criminals operating in this island who know what they’re doing?!
Really! Standards are truly slipping…
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the IMF are one of the major causes of poverty in poorer countries, pure scum bags along with the world bank out to make the poor slaves to thier agenda.
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