14/06/21

GUERNSEY: New body created to tackle financial crime.

As published on itv.com, Monday 14 June, 2021.

A new body has been set up by in Guernsey to investigate money laundering, financial crime and to recover proceeds of unlawful conduct.

The Economic Financial Crime Bureau (EFCB), which has been created by the the Committee for Home Affairs, plans to use a range methods - including the law and intelligence - to identify criminal activity.

“The creation of the EFCB was an opportunity identified by the Committee to strengthen Guernsey's approach to tackling financial crime, and deal with the threats and risks faced by Guernsey as an international financial centre. In particular, the EFCB will improve Guernsey's effectiveness in tackling money laundering and help prepare the island for the moneyval evaluation planned for 2023.” - EFCB Director, Kevin Davis

Mr Davis will report to the committee and will work with the Head of the Bailiwick Law Enforcement, law officers and other key partners.

Reviews will take place on a regular basis in order to continuously improve crime detection. Politicians hope the new organisation will strengthen the island's response to financial and economic crime.

“Having robust systems in place in Guernsey to tackle economic crime is crucial to maintaining the island's reputation on the international stage as a premier finance centre. As a Committee we are always looking to identify areas which could be further strengthened, and creating the Bureau was a significant opportunity we did not want to miss.” - Deputy Rob Prow, President of the Committee for Home Affairs