Anti-money laundering rules to be tightened
The Cabinet Office insists changes will be brought about in the Island's finance sector, following strong criticism from international experts.
A new report from European MONEYVAL assessors identified concerns in the Island's approach to anti-money laundering (AML), criminal financing (CFT) and beneficial ownership information.
It identified a low conviction rate for financial crime, and a 'limited understanding' of global risk.
Evaluators did, however, praise the Island's 'advanced' legal and regulatory framework.
Government must now report back to MONEYVAL in 12 months' time.
Head of AML & CFT in the Island Karen Ramsay admits there's room for improvement:
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