Drop in alerts about potential financial crimes
Description
A drop in the number of Suspicious Activity Reports (SARs) has been reported by the body responsible for tackling financial crime in Guernsey.
The Guernsey Financial Intelligence Unit (FIU) alerts financial law enforcers if a customers' activity could indicate a crime is being committed.
Its annual report found the FIU received a total of 2,656 incoming SARs in 2022 - a decrease of 26% from 2021.
It said a drop in the number of reports from the e-gambling sector had contributed to the decline, as it made up 76% of all SARs in 2022.
In 2021, the States approved changes to legislation to clarify the FIU's operational independence and autonomy.
The service achieved a number of outcomes in 2022, such as assisting partner agencies with the recovery of tainted assets.
Adrian Hale, head of the Bailiwick of Guernsey FIU, said: "Whilst there has been a decline in the number of reports, the FIU continues to add tangible value to the information it has received, analysed and disseminated during the year."
The unit responsible for tackling financial crime has confirmed a drop in the number of Suspicious Activity Reports
Guernsey's Financial Intelligence Unit reported a decrease of 26% in 2022 compared to 2021
The decrease is down to fewer e-gambling reports being made, it said
A drop in the number of Suspicious Activity Reports (SARs) has been reported by the body responsible for tackling financial crime in Guernsey.
The Guernsey Financial Intelligence Unit (FIU) alerts financial law enforcers if a customers' activity could indicate a crime is being committed.
Its annual report found the FIU received a total of 2,656 incoming SARs in 2022 - a decrease of 26% from 2021.
It said a drop in the number of reports from the e-gambling sector had contributed to the decline, as it made up 76% of all SARs in 2022.
In 2021, the States approved changes to legislation to clarify the FIU's operational independence and autonomy.
The service achieved a number of outcomes in 2022, such as assisting partner agencies with the recovery of tainted assets.
Adrian Hale, head of the Bailiwick of Guernsey FIU, said: "Whilst there has been a decline in the number of reports, the FIU continues to add tangible value to the information it has received, analysed and disseminated during the year."
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