In order to assess the risks of money laundering in the jurisdiction, the Alderney gaming Control Commission (AGCC), which is in charge of regulating online gaming in Guernsey, has actively engaged in the National Risk Assessment (NRA). The AGCC’s newly appointed executive director, Andrew Gellatly, stressed the agency’s dedication to maintaining strict oversight guidelines.
The risk connected to overseas criminal proceeds and the possibility of money laundering connected to local criminal activity in Guernsey were both emphasized in the NRA’s assessment. Notwithstanding these dangers, the NRA assessed that domestic crimes—mainly those involving drug trafficking and fraud—pose a far less threat.
Guernsey’s Position as an International Finance Center
Guernsey’s designation as an international finance center inherently exposes it to a higher risk of attempts to launder proceeds from overseas criminal activities. The NRA identified Guernsey’s online casino sector as having a medium risk of money laundering, with only four sectors considered to be at higher risk than the online gaming industry.
In 2022, the online gaming sector accounted for a substantial 88% of all suspicious activity reports related to money laundering received by Guernsey’s Financial Intelligence Unit (FIU). Despite this significant figure, the total number of reports pertaining to online gambling was 28% lower than in the previous year, signaling a potential improvement in the industry’s anti-money laundering measures.
Guernsey’s unique position in the global financial landscape presents challenges in mitigating the risk of money laundering, particularly in the online gambling sector. The AGCC’s involvement in the NRA underscores the collaborative efforts to address these challenges and maintain a robust regulatory framework.
Regarding the AGCC’s participation in the NRA, Andrew Gellatly emphasized the agency’s dedication to guaranteeing a safe and legal online gaming environment in Guernsey. The AGCC’s active engagement in the evaluation is indicative of their commitment to conforming to global norms and industry best practices.
The online gambling industry in Guernsey has been categorized by the NRA as having a medium risk of money laundering, indicating the necessity for further monitoring and preventative actions. Notwithstanding the difficulties, a good trend is shown by the industry’s attempts to strengthen its anti-money laundering measures, as seen by the 28% decrease in reported incidents in 2022.
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