Guernsey's FIS Announces 30% Increase In Suspicious Transaction Reporting

by Carla Johnson, Investors Offshore.com

14 August 2002

Guernsey's Financial Intelligence Service this week announced that there had been an increase of almost 30% in the number of suspicious transactions reported to it during the first six months of this year, compared with the same period in 2001.

Speaking to the Guernsey Press and Star on Monday, Director of the FIS, Mark de Garis explained that although the unit is pleased that increased efforts to train financial sector staff in the recognition of suspicious transactions have paid off: 'What we are trying to do is concentrate on quality, rather than quantity'.

All suspicious transactions are reported directly to the financial intelligence unit, with some cases dealt with by Mr de Garis' team, and others passed on to specialists. However, the FIS is not just restricted to dealing with local bodies and institutions.

'One of our key roles is to liase with FIS units in other jurisdictions,' the financial intelligence chief explained to the newspaper.

Mr de Garis went on to reveal that he is looking forward to a planned IMF visit in November, and is confident that the Channel Island will not be found wanting by the multilateral body: 'Guernsey is ahead of the game and it has been for a number of years in the way that it goes about tackling financial crime,' he explained.

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