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IoM Steps Up Fight Against Financial Crime

by Jason Gorringe, Lowtax.net, London
14 August, 2017

The Isle of Man Government has stepped up the island's fight against money laundering and terrorist financing with the publication of its Financial Crime Strategy 2017-2020.

In a foreword to the document, the island's Chief Minister, Howard Quayle, said the Isle of Man has led the way amongst small jurisdictions in engaging with international initiatives against financial crime and co-operating with other countries.

"As a center dedicated to attracting quality business we have an economic as well as a moral rationale for protecting our financial systems and reputation against abuse by criminals," said Quayle.

The Chief Minister noted the outcome of the Council of Europe's recent MONEYVAL assessment largely confirmed the findings of the island's own National Risk Assessment, identifying the resourcing of financial intelligence gathering and investigations as areas for improvement.

"Addressing these points is a matter of national priority for my government and I am pleased that significant progress has already been made."

Quayle concluded: "I trust that the production of this overarching Financial Crime Strategy is further evidence of the Isle of Man's firm commitment to a 'zero tolerance' approach to financial crime."

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