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Guernsey risk assessment warns of laundering of foreign criminal proceeds

| By kylegoldsmith
The Bailiwick of Guernsey’s second National Risk Assessment (NRA) has highlighted foreign criminal proceeds as its biggest money laundering threat.
Guernsey gambling

The Alderney Gambling Control Commission (AGCC), the supervisor of online gambling in Guernsey, played a key role in the NRA’s assessment.

Andrew Gellatly, recently appointed executive director of the AGCC, said he feels the regulator’s involvement with the NRA shows its commitment to matching high standards as a supervisor.

While highlighting foreign criminal proceeds, the NRA also pointed to the potential of money laundering related to domestic criminality. These risks were deemed to be much lower, however, with domestic offences largely related to drug trafficking and fraud.

Guernsey’s role as an international finance centre inevitably means that it is at higher risk of attempts to launder the proceeds of overseas crime.

According to the NRA, Guernsey’s online casino sector’s money laundering risk was at medium. It deemed only four sectors to be at higher risk than igaming.

In 2022, online gaming accounted for 88% of all suspicious activity reports related to money laundering received by the Bailiwick of Guernsey’s Financial Intelligence Unit (FIU).

However, the total number of reports submitted in reference to online gambling was 28% lower than in 2021.

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