Reported suspicious financial activity down 24%

Guernsey's Financial Intelligence Unit [FIU] received 24% fewer Suspicious Activity Reports [SARs] last year, according to its annual report.

SARs sent to the FIU detail transactions people know, suspect or believe to be related to money laundering or terrorist financing.

In total the FIU received 2,031 SARs, down from 2,656 in 2022 - The e-gambling sector submitted 64% of all SARs in 2023.

Drug trafficking was the most reported suspected criminality.

The report, external stated the majority percentage of SARs submitted from the e-gambling sector was due to a large part of it being regulated in Alderney.

However, it said outreach to the industry in recent years had resulted in the overall decline in submitted SARs.

During 2023 a quarter of SARs were linked to the trafficking of illegal substances, 24% to money laundering, 23% to fraud, and 15% to tax evasion.

Adrian Hale, Head of the FIU, said there are "many challenges" when targeting money laundering, terrorist and proliferation financing.

"However by working in collaboration with other authorities, and public-private partners we can strengthen the fight" he said.

Throughout 2023 the FIU said it helped Guernsey adopt and implement new legislation, and increased its outreach and support.

This included significant changes to it's online reporting system ‘THEMIS

Mr Hale added: "The FIU also assisted the other authorities in the revised National Risk Assessment and the implementation of a National Strategy".

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