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IoM MONEYVAL Report To Be Released Next Year

by Jason Gorringe, Lowtax.net, London
26 December, 2016

The MONEYVAL fifth round Mutual Evaluation Report into the Isle of Man's Anti-Money Laundering and Countering the Financing of Terrorism (AML/CTF) regime has been formally adopted by the Council of Europe and is due to published in early 2017.

The review of the Isle of Man's AML/CTF regime by the Council of Europe's Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism, known as MONEYVAL, is based on the Financial Action Task Force (FATF) model. MONEYVAL also assesses a jurisdiction's compliance with international conventions and EU legislation.

MONEYVAL said that in advance of the publication of the report into the Isle of Man, the island has been placed into an "enhanced follow-up procedure."

Responding to MONEYVAL's decision, the Isle of Man said that after a mutual evaluation all countries go into follow-up procedures as a minimum standard to ensure a continuous and ongoing system of monitoring improvements against the FATF Recommendations on AML/CFT. Enhanced follow-up is one level of the system and means that there are some significant aspects of a country's AML/CFT provisions that require further work.

To date around half of all the countries that have been through this fifth round process are now subject to the enhanced follow-up process.

The Isle of Man said the aspects identified by MONEYVAL as requiring significant attention are consistent with those included within the island's AML/CFT National Risk Assessment and National Strategy published in March 2016, and steps have already been taken to rectify these issues. The island said wholesale changes to legislation or regulations will not be required.

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