Financial crime investigators have been focusing on the wrong thing.

That’s the view of Council of Europe inspectors whose report into the island’s ability to combat money laundering and the financing of terrorism, published last week, revealed some significant deficiencies.

As we reported last week, the Moneyval report praised the island for its high level of compliance with legislation, its understanding of vulnerabilities and its co-operation with other countries.

But it highlighted failings and listed a series of recommended actions that should be prioritised.