Financial crime investigation unit launched in Guernsey

The new unit will investigate financial crime in Guernsey

A new, independently-led, financial crime enforcement entity has been established in Guernsey.

The Economic and Financial Crime Bureau (EFCB) will investigate money laundering and recover assets obtained through unlawful conduct.

The EFCB has been created to "strengthen Guernsey's approach to tackling financial crime" according to its Director, Kevin Davis.

The new unit will work with law enforcement officers.

Kevin Davis is the director of the new financial crime investigation unit

Mr Davis said the EFCB was set up to "deal with the threats and risks faced by Guernsey as an international financial centre", particularly regarding money laundering.

Deputy Rob Prow, president of the Committee for Home Affairs, said: "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."

Mr Prow said the new unit would help the island be "as prepared as it can be" for the forthcoming inspection by Moneyval - the monitoring body of the Council of Europe.

Their reports assess compliancy with the international standards to counter money laundering and the financing of terrorism.

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