Grey-listing would be 'awkward' for Guernsey - expert

Inspectors from Moneyval visted Guernsey earlier this month

If Guernsey was put on the "grey-list" by inspectors looking at how it tackles money laundering, it would be "awkward" for Guernsey, an expert has warned.

Moneyval inspectors visited the island in April and looked at local laws, regulatory and enforcement processes against international standards on tackling financial crime.

Dr Jonathan Fisher KC said "being grey-listed can be painful".

Home Affairs President Rob Prow said he was "confident" Guernsey had done all it could to show it was a "well-regulated jurisdiction".

Moneyval inspectors visited Guernsey between 15 and 26 April and their report is due to be published in early 2025.

According to the Financial Action Task Force (FATF), the grey-list "identifies countries actively working with the FATF to address strategic deficiencies in their regimes to counter money laundering, terrorist financing, and proliferation financing".

It continues: "When the FATF places a jurisdiction under increased monitoring, it means the country has committed to resolve swiftly the identified strategic deficiencies within agreed timeframes and is subject to increased monitoring."

Professor Nicholas Ryder agreed being "grey-listed" would "have a big consequences on the island as a financial centre".

He said it would "impact whether there was investment in an area and it can take some time to get off the grey-list".

Mr Prow said this has been an "intense period" for officials and politicians in Guernsey preparing and taking part in this inspection.

Nin Ritchie said the island had done well preparing for the work and had "demonstrated well the commitment to tackling money laundering"

Nin Ritchie, from Collas Crill, has been working with local firms to help them prepare for the Moneyval inspection.

She said the island had done well preparing for the work and had "demonstrated well the commitment to tackling money laundering".

"Guernsey is great, as a jurisdiction it has really pulled together, so the politicians have got on board as well as the law enforcement agencies and the law officers, as well as the industry have all pulled together to put Guernsey in the best position for this assessment.

"How we come out of this is up to the assessors, but I think Guernsey really has put its best foot forward."

Officials in the Channel Islands have said they believe they won't be put on the grey-list.