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Govt acknowledges MONEYVAL criticisms

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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