Guernsey FSC Director Gives Pep Talk In Run-Up To IMF Visit

by Jason Gorringe, Tax-News.com, London

06 November 2002

Speaking to the Guernsey Press and Star this week with regard to the forthcoming visit from the International Monetary Fund, Guernsey Financial Services Commission (GFSC) director, Peter Neville warned that the inspectors would be looking to criticise the jurisdiction's regulatory regime.

The IMF delegation has already visited Jersey and the Isle of Man as part of a wider IMF initiative to assess anti-money laundering procedures and adherence to international standards in the world's financial centres.

Mr Neville told the local newspaper on Monday that in addition to the GFSC, the Financial Intelligence Service, the Guernsey Promotional Agency, the Training Agency, and several industry bodies representing businesses and compliance managers, the jurisdiction's financial services businesses may also find themselves subject to an IMF inspection.

'I urge them to get their house in order if they are on the list,' he warned, adding that: 'The IMF will find things to criticise because it cannot send nine people here for two weeks and not find anything.'

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