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Financial Intelligence Unit Strikes Deal to Combat Money Laundering and Terrorist Financing

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International Cooperation to Tackle Financial Crime

Guernsey, August 12, 2024

In a significant move to tackle financial crime, Guernsey’s Financial Intelligence Unit (FIU) has signed an information sharing agreement with its counterpart in the British Virgin Islands.

Memorandum of Understanding: A Key Tool Against Financial Crime

The Memorandum of Understanding (MoU), signed at the 30th Egmont Plenary in Paris earlier this year, will enable the free flow of intelligence and information between the two agencies to combat money laundering and terrorist financing.

Strengthening International Relationships

According to Adrian Hale, Head of the FIU, international cooperation is essential in fighting financial crime. “This MoU will be a key tool for our team to identify and tackle criminal activity effectively,” he said. “Guernsey already had a strong relationship with our partners in the BVI, but this agreement further strengthens that relationship and formalises our ability to share intelligence and information.”

Enhancing Anti-Money Laundering Efforts

The deal is expected to enhance Guernsey’s efforts to prevent money laundering through its financial system by working closely with international partners.

Key Benefits of the MoU

• Enables free flow of intelligence and information between Guernsey and British Virgin Islands
• Strengthens relationship between two agencies
• Formalises ability to share intelligence and information
• Enhances efforts to prevent money laundering through Guernsey’s financial system