Islands agree to share finance crime intelligence

Guernsey’s Financial Intelligence Unit has signed a deal to work closely with the British Virgin Islands

The financial crime regulator in Guernsey has signed an agreement to share information with its equivalent in the British Virgin Islands, it has said.

Guernsey's Financial Intelligence Unit (FIU) investigates suspicious activity related to money laundering, organised crime and the financing of terrorism.

The Memorandum of Understanding [MoU] with the Financial Investigation Agency in the British Virgin Islands (BVI) will result in the organisations sharing their intelligence.

The head of Guernsey FIU, Adrian Hale, said the importance of international cooperation and collaboration "cannot be overstated".

'Tackled effectively'

"This MoU will be another key vehicle for our team, through which criminal activity can be identified and tackled effectively," said Mr Hale.

He added strengthening the relationship the FIU already had with the BVI would help ensure "money laundering does not take place through Guernsey".

Guernsey’s FIU already works closely with its other counterparts in Jersey, Gibraltar and the Isle of Man.

The FIU said close working relationships with other finance centres across the world were key to its effectiveness.