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Council of Europe urges clampdown on money laundering in Guernsey

Xinhua, January 16, 2016 Adjust font size:

Experts on the fight against money laundering and terrorism financing from the Council of Europe (CoE) on Friday requested the bailiwick of Guernsey, a Crown Dependency of Britain, to strengthen penalties on financial institutions found guilty in this domain.

In its report, the CoE experts (MONEYVAL) recommended more frequent and efficient measures in the use of restraint and confiscation orders on the Island of Guernsey, which holds a reputation as a paradise for dirty money.

CoE experts underlined nevertheless that Guernsey had made progress and "has a mature legal and regulatory system, which has been enhanced by the introduction of modern legislation covering all important aspects of the finance industry."

MONEYVAL monitors 28 member states of the Council of Europe, as well as the Holy See, Israel, British Crown Dependencies such as Guernsey, Jersey and the Isle of Man, and the British Overseas Territory of Gibraltar. Endit