Solcara to Short Change Money Launderers in Guernsey

Thursday 22 July 2004 15:40 CET | News

Criminals, terrorists and fraudsters seeking to operate illegal financing through the Island of Guernsey will find their activities severely restricted through the application of a cutting edge anti-money laundering system. The system, being developed for the Guernsey Financial Intelligence Service by Solcara, the UK-based information management software and solutions company, cements Guernsey’s reputation as a world leader in the fight against money launderers.

As a leading financial centre, Guernsey was recently commended in a report published by the International Monetary Fund (IMF) for its stringent financial regulation and law enforcement standards. The report went on to commend the island for its framework for anti-money laundering and its activities in combating the financing of terrorism. The new anti-money laundering system being developed by Solcara is a key component in Guernsey’s strategy to combat the activities of terrorists, drug smugglers and other criminals. The new anti-money laundering solution will be built upon Solcara Information Manager (SIM) technology. Information on suspect transactions will be interrogated through the Solcara system and every aspect of the transaction will be exposed, from the use of language in the original documentation through to comparisons with previous transactions from the same source, including intelligence gleaned from worldwide databases on the company, product or individual. The solution will automatically interface with a number of closed secure systems as well as certain commercial subscription services and other open sources of information. In addition, the new system will provide Guernsey Financial Intelligence Service with the ability to apply linguistic analysis to documents, enabling users to more efficiently identify recurring terms that could indicate criminal activity. Legislation worldwide (including the Patriot Act in the USA) is becoming increasingly tougher and in the UK, the Criminal Justice Act 1988, the Drug Trafficking Act 1994 and the Terrorism Act 2000 require financial service organisations, law firms, estate agents and even motor dealers to compile suspicious transaction reports on suspect financial transactions. The number of suspicious transaction reports handled by Guernsey Financial Intelligence Service has increased significantly and the new system will assist officers in handling this increase in workload by digitising and automating the analysis process.

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Categories: Payments & Commerce | Payments General
Countries: World
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Payments & Commerce