Islands agree to exchange information on financial crime

The Financial Crimes Authority in Guernsey has signed an information exchange agreement with the corresponding authority in the British Virgin Islands, it said.

Guernsey’s Financial Intelligence Unit (FIU) investigates suspicious activities related to money laundering, organised crime and terrorist financing.

The declaration of intent [MoU] with the Financial Investigation Agency in the British Virgin Islands (BVI) will result in the organizations sharing their findings.

Guernsey FIU Director Adrian Hale said the importance of international cooperation and collaboration “cannot be overemphasized”.

“Addressed effectively”

“This MoU will be another important tool for our team to identify and effectively combat criminal activity,” said Mr. Hale.

He added that strengthening the FIU's existing relationship with the BVI would help ensure that “no money laundering takes place through Guernsey”.

The Guernsey FIU already works closely with its counterparts in Jersey, Gibraltar and the Isle of Man.

According to the FIU, close cooperation with other financial centers around the world is the key to its effectiveness.

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