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IoM Upgrades Anti-Money Laundering Strategy

by Jason Gorringe, Lowtax.net, London
01 April, 2016

The Isle of Man Government has announced a new national strategy to enhance the territory's ability to tackle money laundering and the financing of terrorism.

The strategy sets out priority goals and actions identified following a national risk assessment (NRA) carried out across the public and private sectors in 2014/15.

The NRA was conducted ahead of this year's evaluation of the Isle of Man by MONEYVAL, the Council of Europe body which monitors compliance with the latest international standards against money laundering and terrorist financing.

Standards are set in the form of comprehensive recommendations issued by the Financial Action Task Force (FATF), the global anti-money laundering organization established in 1989 by the G7 countries and the European Commission. Undertaking an NRA is now a recommendation of the FATF.

In a foreword to the Isle of Man NRA, Chief Minister Allan Bell pointed to the island's "continuing commitment to uphold the highest international standards in protecting our economy against criminal abuse."

Bell said that: "Money laundering and terrorist financing present global threats, against which all countries have a responsibility to provide robust defenses. This is a responsibility that the Isle of Man takes particularly seriously."

"As a recognized center for international business and finance, the island is home to many successful companies which have a significant presence around the world. We are determined to protect the reputation and integrity of our business community by ensuring that the Isle of Man is not a place where criminals can find a welcome."

Bell noted that considerable progress had been made since the NRA was finalized in the summer of 2015, including the passage of legislation establishing a separate Financial Intelligence Unit.

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