Guernsey Border Agency chief Rob Prow

In a largely positive review of the Bailiwick’s stability as a finance centre, the IMF’s assessment, which was published just over a week ago, expressed concerns over the island meeting the standards of the Financial Action Task Force’s 40 recommendations for AML and nine special recommendations for combating the financing of terrorism.

While Guernsey largely satisfied the IMF in what it did, the body did want to see the authorities enhance their money laundering procedures.

The IMF said that given the size of the sector and its status as an international financial centre, there was a ‘disconnect’ between the number of money laundering cases investigated versus the number of prosecutions, which called into question the effective application of money laundering provisions.

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