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Isle Of Man Sets Up Financial Intelligent Unit

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

The Isle of Man has launched a new Financial Intelligence Unit (FIU), to further improve its ability to tackle money laundering and the financing of terrorism.

The FIU became operational on April 22, 2016, after Royal Assent was granted to the Financial Intelligence Unit Act 2016. The legislation establishes the FIU as a stand-alone agency, having previously been an integrated function within the Isle of Man Constabulary's Financial Crime Unit.

The FIU will play a key role in efforts to protect the island's reputation as a well-regulated and responsible international business center, the Government said.

Its main responsibilities include promoting awareness of procedures around anti-money laundering and combating terrorism financing; acting as the island's national center for the receipt and analysis of Suspicious Activity Reports; and liaising with law enforcement agencies.

The FIU will work in partnership with the Attorney General's Chambers to respond to international requests for assistance in criminal investigations.

The FIU will not investigate financial crime. This function has been retained by the Constabulary's Financial Crime Unit.

Home Affairs Minister Juan Watterson said: "The Isle of Man has a strong track record of compliance with international standards. The creation of a stand-alone Financial Intelligence Unit will further enhance our defenses against criminal activity."

Royal Assent was also announced in Tynwald (the island's parliament) this week for the Terrorism and Crime (Miscellaneous Amendments) Act, which makes a number of detailed and technical enhancements to the island's laws against money laundering and the financing of terrorism.

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