AGCC signs an MoU with Guernsey Border Agency's Financial Investigation Unit

Below is a press release published by the States of Guernsey via gov.gg on 24th September 2014:

A Memorandum of Understanding about the exchange of information has been agreed between the Guernsey Border Agency's Financial Investigation Unit (FIU) and the Alderney Gambling Control Commission (AGCC).

The MoU seeks to establish a formal basis for co-operation between the parties, particularly in respect of sharing information that could help the FIU and AGCC carry out their respective functions.

Under the terms of the MoU, the FIU will pass to the AGCC any information that indicates a significant breach of relevant regulatory legislation or binding regulatory requirement.

The unit will also provide details if it believes a entity subject to the supervision of the AGCC may have significant weaknesses in its corporate governance, or compliance function, which may result in customers of the licensed entity being exposed to unacceptable levels of risk.

In return, the AGCC will pass on any information that indicates money laundering or other financial crime that may have been committed or is about to be committed, or a breach of anti-money laundering / financing of terrorism legislation has taken place or is about to.

Head of Law Enforcement, Patrick Rice said the exchange of relevant information between the parties is of mutual benefit.

"This MoU will assist the Financial Investigation Unit in its fight against anti-money laundering and financial and economic crime."

"We are pleased that we were able to reach this agreement and look forward to working with the AGCC to the benefit of both organisations and the wider Bailiwick."

Andre Wilsenach, Executive Director for the Alderney Gambling Control Commission, said it is committed to keeping crime out of the eGambling industry and the Bailiwick as a whole.

"We therefore welcome the formalisation of our already existing relationship with the FIU,"

"From an organisational point of view, the MoU is very helpful in that it formally recognises that the exchange of information between the FIU and AGCC is of benefit to each other in carrying out their respective duties, and we look forward to working with the FIU in the fight against financial and economic crime, money laundering and financial terrorism."

-ENDS-