Guernsey Country Summary
Sanctions
No
FATF AML Deficient List
No
Terrorism
Corruption
US State ML Assessment
Criminal Markets (GI Index)
EU Tax Blacklist
Offshore Finance Center
Please note that although the below Summary will give a general outline of the AML risks associated with the jurisdiction, if you are a Regulated entity then you may need to demonstrate that your Jurisdictional AML risk assessment has included a full assessment of the risk elements that have been identified as underpinning overall Country AML risk. To satisfy these requirements, we would recommend that you use our Subscription area.
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Anti Money Laundering
FATF Status
Guernsey is not on the FATF List of Countries that have been identified as having strategic AML deficiencies
Compliance with FATF Recommendations
It should be noted that the new style FATF Mutual Evaluation has not yet been published.
The last follow up Mutual Evaluation Report relating to the implementation of anti-money laundering and counter-terrorist financing standards in Guernsey was undertaken by the Financial Action Task Force (FATF) in 2016. According to that Evaluation, Guernsey was deemed Compliant for 28 and Largely Compliant for 20 of the FATF 40 + 9 Recommendations. It was Partially Compliant or Non-Compliant for 0 of the 6 of the Core Recommendations.
Sanctions
There are no international sanctions currently in force against this country
Bribery & Corruption
Rating | 0 (bad) - 100 (good) |
---|---|
Transparency International Corruption Index | NA |
World Bank: Control of Corruption Percentile Rank | NA |
Economy
Guernsey's economy is a high-income one, heavily reliant on the financial sector, which constitutes about 37% of its GDP. Despite facing challenges from COVID-19 and other sectors like manufacturing and tourism, the economy is expected to recover with stable inflation and a low unemployment rate of approximately 5.98% in 2023, supported by its attractive tax structure.
Guernsey offers a favorable investment climate, supported by its independent taxation authority and stable economic environment. The island's AA-/A-1+ credit rating from Standard & Poor's highlights its strong financial standing, while the absence of capital gains and inheritance taxes enhances its appeal as an offshore finance center. With a significant portion of its workforce employed in the finance sector, Guernsey continues to attract both domestic and international investors.
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- Risk Analysis
- Corruption
- Economy
- Sanctions
- Narcotics
- Executive Summaries
- Investment Climates
- FATF Status
- Compliance
- Key Findings