IoM Meeting Global Money Laundering Standards
by Jason Gorringe, Lowtax.net, London
31 January, 2017
The Isle of Man has been given high marks for its compliance with global anti-money laundering (AML) and countering the financing of terrorism (CFT) standards.
The finding is contained in a Fifth Round Mutual Evaluation Report on the Isle of Man by MONEYVAL, the Council of Europe body responsible for assessing AML/CTF compliance.
According to the Manx Government, the report's findings include confirmation of the island's very high level of compliance with international best standards in its AML/CFT legislation. In addition, the island was said to have received praise for the co-ordination of its AML/CFT policies, its understanding of vulnerabilities through its National Risk Assessment (NRA), and its efforts to cooperate with other countries.
The report highlights areas for improvement including the resourcing of financial intelligence gathering and investigations, a point already identified in the island's own NRA, published last year, along with the National Strategy for enhancing AML/CFT measures.
In line with the island's National Strategy, law enforcement issues are already being addressed such as through the creation of an independent Financial Intelligence Unit and an Asset Recovery Unit.
Chief Minister Howard Quayle commented: "The Isle of Man is one of the first small international finance centers to undergo the Fifth Round Evaluation, which is more comprehensive and demanding than previous evaluations. Taking part in this process is an opportunity to learn and improve from being tested against the latest international standards."
"In terms of key findings, the report largely reinforces the island's own National Risk Assessment and National Strategy on AML and CFT. However there is much to consider in this document and Government will be carefully working through its recommendations in conjunction with the business community."
Quayle said the Isle of Man would be reporting back to MONEYVAL in 12 months to confirm improvements are being delivered.
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