'Optimism' that MoneyVal report will be positive

Guernsey's chief minister says he is "optimistic" the island will achieve a positive outcome in a report due soon on how it deals with financial crime.

Inspectors from MoneyVal - who look at how Guernsey deals with money laundering - have been assessing the bailiwick.

Deputy Lyndon Trott said if Guernsey did not pass the inspection, the island's financial sector would be "significantly" negatively impacted.

But he added that he hoped the skill of local officers providing information to inspectors would be "rewarded with a positive report".

MoneyVal is part of the Council of Europe that helps maintain international standards in the fight against financial crime, including money laundering and financing of international terrorism.

Its main task is to carry out evaluations of finance centres, including Guernsey, to make sure they have robust processes and rules in place to tackle financial crime.

The MoneyVal assessment tests whether the bailiwick's laws and processes are tackling financial crime effectively, rather than whether financial crime is attempted or has taken place.

Trott said a survey had been carried out which suggested a "significant negative impact" should Guernsey be grey-listed.

It could involve a 5% to 10% decline in financial services over two to three years.

But Trott said: "I am optimistic that, when the MoneyVal report is issued in the days ahead, that the officers' skill and expertise are rewarded with a positive report."

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