In a notable step towards combating overseas economic crime and tax offences, representatives from the Financial Intelligence Units of Gibraltar, Guernsey, Isle of Man, and Jersey met at London’s Gibraltar House.
The meeting marked the continued commitment of the Quad Island Form to strengthen its framework and enhance collaboration with other authorities responsible for tackling financial crime.
During the three-day event, participants engaged in productive discussions involving the Economic Crime and Confiscation Unit from Jersey and the Isle of Man Proactive International Money Laundering Investigation Team. The primary focus was on sharing best practices in preparation for upcoming Moneyval assessments.
An important outcome of the meeting was the establishment of a dedicated subgroup that integrates tax authorities from all four jurisdictions. This initiative aims to foster greater cooperation between tax authorities and FIUs, enabling them to combat serious tax-related crimes and sophisticated fraud schemes that result in substantial illicit gains.
The participants discussed other matters, including:
- Strategic objectives
- Effective cooperation methods
- Training opportunities
- Best practices for accessing tax data
- Legal challenges
- Information technology
The formation of this sub-group represents an encouraging step, showcasing the commitment of each jurisdiction to equip themselves with comprehensive financial intelligence and mechanisms to target criminals and illicit proceeds.
It also serves as a collaborative platform for sharing knowledge and experiences, allowing the four jurisdictions to work collectively towards their objectives.
Recognising the significance of international cooperation in combating money laundering, financial terrorism, and proliferation, the Forum emphasises the importance of collaboration, providing a vital avenue for identifying and addressing criminal activities effectively. The Forum members share common values, face similar challenges, and closely collaborate on issues of mutual importance.
Lynette Chaudhary, Director of Sovereign Tax Services, welcomes the Forum’s continued commitment to strengthening its framework and expanding collaboration. Emphasising the collaborative approach would facilitate closer working and knowledge sharing within the quad, and aid in the fight against financial crime.