ARTICLE · 21 NOVEMBER 1996

Money Laundering

Bachmann Trust Company Ltd.

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GuernseyWealth Management

(Update Issue Number 8 Autumn/Winter 1996)

Two recent events further illustrate Guernsey's determination to be a serious participant in the international battle against money laundering.

The first was a two-day visit, at the invitation of the Commission, of Stanley E. Morris, Director of the Financial Crime Enforcement Network in the USA 'FinCEN', as it is known, is the arm of the US Treasury designated to fight money laundering. Its prime responsibility is to set, oversee and implement policies to prevent and detect money laundering in the USA and to administer the Bank Secrecy Act.

Mr Morris met HE the Lieutenant Governor and the Deputy Bailiff, visited several banks and attended meetings at the Commission. He says: 'My visit has greatly increased my knowledge of the Island, the progress being made towards combating money laundering and the challenges it faces.'

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