How we should be communicating the MONEYVAL report

MONEYVAL has completed its evaluation of anti-money laundering measures within Jersey’s financial districts, recognising that the island has “significantly strengthened its legal framework” and has “most elements of an effective AML/CFT, but still needs to improve the implementation of measures in certain areas.” This may well sound like a lukewarm reception, but the Jersey Financial Services Commission are both pleased and proud of the results and what it could mean for Jersey as an offshore finance centre. So, to what degree should we be celebrating and shouting about our MONEYVAL assessment? 

To give the report some context, the level of effectiveness demonstrated on the island has only been seen in three other jurisdictions worldwide, a clear indicator that MONEYVAL views Jersey as robust and transparent. It would therefore be easy, and not entirely unfair, to focus more on the positive aspects of the report, taking any suggested improvements as necessary learning and development to move the industry forward. This is exactly how most financial organisations will be communicating MONEYVAL, as a large win for the island and, all in all, a good school report! 

Internally, financial services business and particularly those in compliance, will also be asking themselves what is next for the industry? Finance firms will likely use the report to educate employees on the implications of the assessment, allowing the report to direct them to areas to be developed and processes to be amended. Commendations given to the island now need to be woven into marketing literature and more widely our identity as a world leading financial jurisdiction.  

Guernsey’s MONEYVAL report is due to be shared in December of this year, potentially adding weight to the offering of the Channel Islands as a whole and progressing the story to be shared to stakeholders.  

The negative aspects of the report, which covered the private sector, regulators, and money-laundering prosecutions, are being addressed by Government and we will see action in due course to ensure Jersey’s ability to respond quickly to any potential risks or threats to its financial security. It’s vital that these matters are not swept under the rug, and we will likely see them appear as themes for discussion and thought leadership as we work towards a response to the report, due to MONEYVAL in December 2026.