AML/CFT Advisory Group

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

The AML/CFT Advisory Group is established by the Cabinet Office and its membership includes representatives from the  Cabinet Office, IoM Financial Services Authority, Gambling Supervision Commission, Financial Intelligence Unit, Customs and Excise Department of Home Affairs, Department for Enterprise, professional bodies and industry associations.

The first meeting of the AML/CFT Advisory Group took place on 18 May 2016 andmeetings are held on a quarterly basis. The AML/CFT Advisory Group replaced the Joint Anti-Money Laundering Advisory Group (JAMLAG) which was co-ordinated by the IoMFSA and met for the last time on 11 September 2015.

The Terms of Reference for the AML/CFT Advisory Group have been agreed by the Financial Crime Strategic Board (formerly 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 information regarding emerging issues, and facilitate cooperation between Government, the 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 issues at a national and international level, in particular in respect of legislation and guidance
  • For Government to keep industry informed regarding changes to international AML/CFT standards (e.g. those set by the Financial Action Task Force)
  • For Government to keep industry updated on the IoM’s compliance with international standards
  • For industry to make known its views on AML/CFT national and international issues and thereby assist Government policy making. The Financial Crime Strategic Board 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
  • For other issues relating to AML / CFT, including emerging typologies, to be raised

Membership

  • Cabinet Office - Head of AML/CFT Policy(Chair) (or nominated Acting Chair ); and one representative (except where specified) to include each of the following:
  • Financial Intelligence Unit (FIU) – Director of FIU plus one other FIU representative
  • Department for Enterprise – CEO, Finance Isle of Man (or Head of Insurance and Pensions)
  • Department of Home Affairs – Deputy Chief Executive
  • IoM Financial Services Authority – Director of Enforcement plus one other IoMFSA representative
  • Gambling Supervision Commission – Deputy Director, AML/CFT
  • Treasury, Customs & Excise – Team Leader, Legal Enforcement
  • Alliance of Isle of Man Compliance Professionals (AICP)
  • Association of Chartered Certified Accountants (ACCA)
  • Association of Corporate Service Providers (ACSP)
  • Chamber of Commerce ICT Committee
  • Chartered Institute of Securities and Investments (CISI)
  • Chartered Institute of Taxation (CIoT)Financial Planners & Insurance Brokers Association (FPIBA)
  • Gambling MLRO Forum
  • Institute of Chartered Secretaries & Administrators (ICSA)
  • Institute of Directors
  • IOM Bankers Association
  • IOM Captive Association
  • IOM Law Society
  • IOM Association of Pension Scheme Providers (APSP)
  • IOM Post Office
  • IOM Society of Chartered Accountants
  • IoM Wealth & Fund Services AssociationManx 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 IoM Financial Services Authority and the Gambling Supervision Commission have a standing invitation to the meeting as do representatives from the Attorney General's Chambers and the Economic Crime Unit (Police). Other representatives of Government may be invited 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.

Circulation list

If you would like to be added to the circulation list for the AML/CFT Advisory Group, please email amlcft@gov.im or telephone 01624 698369.