Introduction to the Anti-Money Laundering & Countering the Financing of Terrorism Handbook

The prevention of laundering the proceeds of crime and of financing terrorism has become a major priority for all jurisdictions from which financial activities are carried out. It is clear that only co-ordinated and concerted action by authorities around the world will make it increasingly difficult for perpetrators to abuse the financial system in this way. It is also very evident that the anti-money laundering standards which countries adopt have become a critical part of gaining international recognition as a respected jurisdiction. This is vital if we are to ensure our future prosperity.

The Isle of Man, as a leading international financial centre, has made its position very clear. It has framed its regulatory system around international standards of supervision, and is keen to continue a long-established tradition of co-operating with overseas regulatory and law enforcement authorities. The Island seeks to maintain its position as a premier jurisdiction, while at the same time ensuring that its institutions can operate in a competitive manner.

We hope that you find the enclosed Handbook of assistance. It has been drawn up in consultation with the industry and other practitioners.

As always the Commission will be very pleased to discuss individual situations with licenceholders to assist in practical implementation.

JOHN R ASPDEN

CHIEF EXECUTIVE

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