Over the past few decades Guernsey has developed into one of the foremost offshore finance centres in Europe offering the full range of financial services required by our worldwide clientele. As a consequence Guernsey is viewed as an attractive gateway by money launderers to introduce their ill-gained profits into the international banking system. For decades the Channel Islands have been viewed as the "soft underbelly" of the United Kingdom in relation to financial services.
There are a number of potential gateways that money launderers can use in introducing funds to the banking system, such as bank deposits in all the major currencies, the setting up of Guernsey companies and trusts, investments in mutual funds, insurance and pension products. These varied facilities offer the potential for layering and other devices used by money launderers.
