The Alderney Gambling Control Commission (AGCC), responsible for overseeing online gambling activities in Guernsey, played a pivotal role in the assessment conducted by the National Risk Assessment (NRA).
Andrew Gellatly, recently appointed as the executive director of AGCC, expressed his belief that the regulator’s participation in the NRA’s assessment signifies their unwavering commitment to upholding high standards as a supervisory authority.
The NRA’s assessment shed light on the potential risks associated with money laundering, both from foreign criminal proceeds and domestic criminal activities.
It concluded that while there was a possibility of money laundering linked to domestic criminality, the risks were comparatively lower.
The majority of domestic offenses primarily revolved around drug trafficking and fraud.
Guernsey’s prominent status as an international finance center naturally makes it more susceptible to attempts to launder the proceeds of crimes committed overseas.
According to the NRA’s findings, the online casino sector in Guernsey was assessed to have a medium risk of money laundering.
Only four other sectors were categorized as having a higher risk than the online gaming industry.
In the year 2022, online gaming accounted for a staggering 88% of all suspicious activity reports related to money laundering that were received by the Bailiwick of Guernsey’s Financial Intelligence Unit (FIU).
However, it is noteworthy that the total number of reports related to online gambling was 28% lower compared to the previous year, indicating some improvement in tackling money laundering activities in this sector.
In summary, the AGCC’s active participation in the NRA’s assessment reflects their dedication to maintaining high standards as a regulatory authority.
While Guernsey faces higher money laundering risks due to its role as an international finance center, the NRA identified the online casino sector as having a medium risk.
Despite the prevalence of money laundering concerns in online gaming, the reduction in the number of reports in 2022 suggests progress in addressing these issues within the jurisdiction of Guernsey.