Saffery Trust Guernsey has celebrated the successful outcome of the island’s MONEYVAL evaluation, of which the firm was chosen to contribute.
MONEYVAL is a monitoring body for the Council of Europe which assesses jurisdictions on their compliance with international standards for anti-money laundering (AML) and combatting the financing of terrorism.
Guernsey’s 2024 assessment marked the fifth round of the evaluation, which started in 2010, focusing on technical compliance and the effectiveness of the island’s measures against money laundering and terrorist financing. Following evaluation, Guernsey become one of the few jurisdictions to pass all 40 technical compliance recommendations.
As part of the evaluation, the island’s finance industry regulator – the Guernsey Financial Services Commission (“GFSC”) – selected firms which they wished to be included for interview to demonstrate the highest levels of compliance. Saffery Trust was proposed by the GFSC and then selected for interview by MONEYVAL.
Saffery Trust Managing Director Nick Batiste and Compliance and Risk Director Allison Brouard were interviewed, following extensive training, which included a mock interview, from which the feedback was positive. The MONEYVAL interview required Nick and Allison to explain their understanding of various regulations as well as their professional experiences, and received positive feedback for their responses.
Allison said:
“Being selected to contribute to the MONEYVAL evaluation was both an honour and a significant responsibility. With financial services being Guernsey’s biggest industry, a positive outcome was imperative in reaffirming our reputation as a leading jurisdiction globally. The success of the evaluation is a testament to the high compliance standards and robust regulations which make Guernsey such an attractive choice for high-net-worth individuals, families, and corporate entities from around the world.”
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