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AML/CFT Advisory Group

Anti-Money Laundering and Combatting the Financing of Terrorism (AML/CFT) Advisory Group

The AML/CFT Advisory Group is established within the Cabinet Office and its membership includes representatives from the Government; Regulators; Financial Intelligence Unit; professional bodies and industry associations.

The AML/CFT Advisory Group meets on a quarterly basis and replaces the Joint Anti-Money Laundering Advisory Group (JAMLAG) which met for the last time on 11 September 2015.

The Terms of Reference for the AML/CFT Advisory Group have been agreed by the AML/CFT Strategic Group and are included below.

Purpose

The purpose of the AML/CFT Advisory Group is to strengthen communications, the exchange of financial intelligence and to facilitate cooperation between Government, regulators and industry in order to combat the misuse of the Isle of Man's financial systems by persons attempting to commit financial crimes.

The Group will provide a coordinated means by which Government and representatives of the financial and non-financial sectors can meet for the following purposes:

  • For Government to advise industry regarding emerging AML/CFT and proliferation national and international issues, in particular in respect of legislation and guidance;
  • For industry to make known its views on AML/CFT national and international issues and thereby assist Government policy making. The AML / CFT Strategic Group will have sight of matters raised in the Advisory Group meetings;
  • To provide a discussion forum in respect of issues arising out of existing national legislation, guidance and codes of practice;
  • To provide a forum in which industry can provide feedback regarding consultation proposals from Government and regulators prior to publication of such consultations and to offer advice to Government upon the form and timing of such consultations;
  • For industry to bring forward new initiatives or concerns for consideration;
  • For the implications of new technologies, initiatives and legislative developments which might impact on AML/CFT related matters to be considered; and
  • For other issues relating to AML / CFT, including emerging typologies, to be raised.

Membership

  • Head of AML/CFT Policy Office, Cabinet Office, Chair (or nominated Deputy Chair); and one representative (except where specified) to include each of the following:
  • Department of Economic Development – Director of Financial Services
  • Department of Home Affairs – Director of Administration and Legislation
  • Financial Intelligence Unit – Director FIU plus one other FIU representative
  • Financial Services Authority – Director of Enforcement plus one other FSA representative
  • Gambling Supervision Commission – Deputy Director, Anti-Money Laundering and Counter Terrorist Financing
  • Treasury Customs & Excise – Team Leader, Legal Enforcement
  • Treasury – Director of Policy
  • Alliance of Isle of Man Compliance Professionals (AICP)
  • Association of Chartered Certified Accountants (ACCA)
  • Association of Corporate Service Providers (ACSP)
  • Chartered Institute of Securities and Investments (CISI)
  • Chartered Institute of Taxation (CIoT)
  • Financial Planners & Insurance Brokers Association (FPIBA)
  • Institute of Chartered Secretaries & Administrators (ICSA)
  • IOM Bankers Association
  • IOM Captive Association
  • IOM Law Society
  • IOM Association of Pension Scheme Providers
  • IOM Post Office
  • IOM Society of Chartered Accountants
  • IoM Wealth & Fund Services Association
  • Manx e-Gaming Association (MeGA)
  • Manx Information and Communications Technology Association (MICTA)
  • Manx Insurance Association (MIA)
  • National Association of Estate Agents

The Secretariat function of the AML/CFT Advisory Group will be provided by the Cabinet Office.

The Chief Executives of the Financial Supervision Authority and the Gambling Supervision Commission have a standing invitation to the meeting as do the Attorney General's Chambers and the Police (Financial Crime). Other representatives of Government may be requested to attend from time to time depending upon the matters under discussion.

Meetings and Minutes

Meetings of the AML/CFT Advisory Group will be held on a quarterly basis (unless additional meetings are requested by the Chair) and minutes will be published here.

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