The Financial Intelligence Service

Transcription

1 Guernsey Authorities Official Guernsey Government Website: Financial Investigation Unit (FIU) Website: The Financial Intelligence Service The Financial Intelligence Service is jointly staffed by Police and GBA Staff. The FIS is the central point of contact for the reporting of all Suspect Transaction Reports, receiving, (and as permitted, requesting), analysing and disseminating to the competent authorities. Objectives: To provide evaluated financial intelligence to Bailiwick Government departments International bodies and regulatory agencies by producing quality intelligence packages or profiles, utilising all resources available, ensuring that they are produced in a timely manner. To effectively analyse and evaluate STR information, to identify quality financial intelligence, ensuring that all relevant detail is provided by the FSB. Developing and disseminating this quality intelligence to other competent authorities expediently, in accordance with agency key objectives. To identify money laundering offences or other financial crime in all work undertaken by the FIU, in conjunction with Agency objectives, increasing the number of financial crime prosecutions referred to the Law Officers. 1

2 To continue to service MLAT s with emphasis on identifying local criminality, properly recording and analysing intelligence and developing the potential for local financial crime investigations. To continue to develop, through self motivation, and improve knowledge and understanding in relation to financial crime, through resources available, evidenced through PDP and CPD in conjunction with the NPIA and timescales. Financial Investigation Unit Mandate January 2009 saw a change in mandate in how Guernsey discharges its responsibilities in the combating of financial crime and terrorist financing. All cross border financial crime activities became the responsibility of the Customs and Immigration Service, the Service is in the process of migrating to the GBA saw the establishment of the Financial Investigation Unit (FIU), a branch of the Law Enforcement Division. The FIU comprises of three teams, the Financial Intelligence Service, which is jointly staffed by Police and Customs staff, the Financial Criminal Team and the Civil Forfeiture Team. The GBA is mandated by the States of Guernsey, Home Department and through its FIU to Prevent and Combat Financial and Economic Crime. The GBA is required to protect the Island s good reputation as a successful and well regulated offshore finance centre. The GBA must align its activities to complement the Financial Action Task Force recommendations, the requirements of the International Monetary Fund and other relevant international standard setters. The GBA is committed to aggressively target and take profit away from criminals, both locally and internationally, by robustly removing the proceeds of their crimes. In supporting the UN Convention against Corruption, the GBA must investigate allegations of corruption. Similarly the GBA must also investigate allegations of bribery of foreign officials and politically exposed persons, which is classified as a money laundering offence. The GBA will be responsible within the Bailiwick for combating financial and economic crime working in partnership with the Guernsey Police. 2

3 Financial Crime Strategy Strategic Imperatives 1. To build knowledge and understanding about the cause and effects of financial crime on the economy of Guernsey. 2. To increase the amount of criminal proceeds recovered and increase the proportion of cases in which they are pursued. 3. To make innovative use of the criminal and Civil Forfeiture legislation. 4. To continue to collaborate with international partners to ensure together we effectively prosecute those responsible for financial crimes and/or recover the proceeds using criminal or civil law. 5. Build upon the risk assessment culture which identifies the threats and vulnerabilities posed by financial crime. 6. To maintain an appropriate overarching strategy to counter financial crime, involving all partners, that enables sustained confidence and growth in Guernsey s economic future 7. To support inter Agency working and value the contribution of partners concerned with mitigating the impact of financial crime within the Bailiwick GBA (Guernsey Border Agency) Key Objective Prevent and Combat Financial and Economic Crime The GBA (Guernsey Border Agency) must protect the Island s good reputation as a successful and well regulated offshore finance centre. The GBA must align its activities to complement the Financial Action Task Force recommendations, the requirements of the International Monetary Fund and other relevant international standard setters. The GBA is committed to aggressively target and take profit away from criminals, both locally and internationally, by robustly removing the proceeds of their crimes. 3

4 In supporting the UN Convention against Corruption, the GBA must investigate allegations of corruption. Similarly the GBA must also investigate allegations of bribery of foreign officials and politically exposed persons, which is classified as a money laundering offence. The GBA will be responsible within the Bailiwick for combating financial and economic crime working in partnership with the Guernsey Police. Key Objective 2 work streams: a. Prevent and combat money laundering. b. Prevent and combat the financing of terrorism. c. Tackle the financing of cross border crime, and take away the profit of criminals, including asset recovery. d. Develop and maintain the Bailiwick Financial Crime Strategy in consultation with all partners in order to enable sustained confidence and growth in Guernsey s economic future. e. Provide a consolidated single management structure for assigned financial crime investigation working in partnership with the Police. f. Build knowledge of and understanding about the cause and effects of financial crime on the economy of Guernsey. g. Support the Bailiwick Intelligence Model in providing a Bailiwick Financial Investigation Unit as defined by EGMONT, FATF which will be responsible for the International gateway liaison and all mutual legal assistance treaty requests and Suspect Transaction Reports. The FIU will be responsible for: Receiving, (and as permitted, requesting), analysing and disseminating to the competent authorities, disclosures of financial information: i. Concerning suspected proceeds of crime and potential financing of terrorism, or ii. Required by national legislation or regulation, in order to combat money laundering and terrorism financing. h. Work in conjunction with the Police and Law Officers in order to maintain relationships with international partners ensuring that Guernsey identifies international criminal activity conducted within the financial sector. 4

5 Guernsey Financial Services Commission Website: The Guernsey Financial Services Commission is the regulatory body for the finance sector in the Bailiwick of Guernsey. The Commission s primary objective is to regulate and supervise financial services in Guernsey, with integrity and efficiency, and in so doing help to uphold the international reputation of Guernsey as a finance centre. Policy and International Affairs are responsible for: establishing and coordinating the Commission s policies on countering financial crime and terrorist financing administering the AML/CFT framework for registered businesses monitoring international developments coordinating international assessments of Guernsey s regulatory standards such as assessment by the International Monetary Fund (IMF) the coordination of some cross-divisional activities such as agreeing Memoranda of Understanding with other regulatory bodies coordination of many of the major policy issues of the Commission such as changes to legislation and international affairs liaising with industry in order to provide information to the IMF on the finance sector s investments for inclusion in its annual Coordinated Portfolio Investment Survey 5

6 Public Accounts Committee Website: The Public Accounts Committee was established as a States Committee in May 2004 and consequently subsumed the work of the former Audit Commission. In 2008, following a States resolution it was designated as a Parliamentary Committee. The main work of the PAC is ensuring that a proper scrutiny into the financial affairs of the States takes place and that States bodies operate to the highest standards in financial matters. This is achieved by examining whether public funds have been applied for the purposes intended by the States and ensuring that extravagance and waste are eradicated. How Does the Public Accounts Committee Operate? In fulfilling its mandate, the Committee carries out reviews into States Departments and States funded non-states bodies in order to ascertain whether they are providing best use of public money for Guernsey. These reviews are based on earlier research either performed directly by the Committee or by third parties commissioned by the Committee after selection from a framework agreement of appropriate entities. The findings of the reviews are then produced in an Initial Report. After the Department or organisation concerned has commented and agreed upon the factual content of the report, a private hearing is held, at which senior staff of the relevant Department are questioned about that content. The hearing process is a key element of public accountability from which important lessons can be learnt and a plan of action and commitment to change agreed upon. The hearing also enables the Committee to examine how and over what time scale the Department/organisation will effect the recommendations detailed in the Committee's report. This is the end of the information gathering process for the Committee and will be the basis for a subsequent Public Accounts Committee report. This report will be published before and may be debated upon by, the States of Deliberation. 6

7 Attorney General Contact Information: HM Attorney General The Chambers of the Law Officers of the Crown St. James' Chambers St. Peter Port Guernsey Channel Islands GY1 2PA Tel (0) Fax (0)