Anti-Money Laundering and Countering the Financing of Terrorism
The International Perspective
The Island is fully committed to adhering to international best practice in anti-money laundering and the countering of terrorist financing ("AML/CFT").
Although not a member of the Financial Action Task Force ("FATF"), the Island fully endorses the FATF's 40 Recommendations on Money Laundering and the 9 Special Recommendations on Terrorist Financing.
The Commission is a member of and contributes fully to the International Organisation of Securities Commissions ("IOSCO") and the Group of International Finance Centre Supervisiors ("GIFCS").
The Isle of Man Government has published a document underlining its committment to complying with international standards in combatting money laundering and the financing of terrorism and proliferation. The Government press release can be found here and the document here.
On the 10 October 2012 the Council of Europe ‘s Committee of Ministers passed resolution CM/Res (2012)6 authorising the participation of the Isle of Man in the mutual evaluation process and procedures of the Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (“MONEYVAL”). This allows the Isle of Man to participate in MONEYVAL’s evaluation and follow-up procedures. A link to resolution CM/Res (2012)6 can be found here.