Looking Ahead to Moneyval - What is Next for Guernsey?

In the midst of the ongoing global turmoil caused by the Covid-19 pandemic, Guernsey’s finance industry has emerged from the local lockdown in a relatively strong condition. The GFSC has already resumed routine onsite inspections, is in the process of enhancing the financial crime risk returns that are submitted annually by regulated firms, and the revised September deadline for boards to approve money-laundering and terrorist financing business risk assessments is fast approaching.

While it is still too early to make meaningful predictions about the length and scope of any continuing disruption caused by the pandemic, at this stage it seems reasonable to assume that Guernsey’s next Moneyval assessment will proceed in 2021 or 2022. In this context, it would be imprudent for businesses to assume that current events will serve to fundamentally affect compliance requirements or provide acceptable excuses for regulatory failures. As such, it is important for licensees and relevant officers to maintain a regulatory focus and to consider issues that could gain greater regulatory scrutiny.

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Adam ColePartnerT +44 (0) 1481 748 912adam.cole@walkersglobal.com
Adam PickeringAssociateT +44 (0) 1481 748 915adam.pickering@walkersglobal.com

Rachel AmosSenior CounselT +44 (0) 1534 700 720rachel.amos@walkersglobal.com