AML/CFT Policy Office
The AML/CFT Policy Office was established by the Chief Secretary in 2016. The Policy Office acts as the coordinating body for the Isle of Man’s Anti-Money Laundering and the Combatting the Financing of Terrorism (AML/CFT) regime, coordinating the Island’s engagement with two key international organisations:
- The Financial Action Task Force (FATF), an independent standard-setting body that leads the international fight against money laundering and terrorist financing, through the implementation of the 40 FATF Recommendations.
- MONEYVAL, a Council of Europe committee that oversees the implementation of the standards set by the FATF for many European countries, including the Isle of Man.
In 2016, the Policy Office coordinated the on-site visit to the Island of a delegation of the Council of Europe's Committee of Experts (MONEYVAL) for the evaluation of the Isle of Man’s AML/CFT measures. The findings of that assessment were published in the Fifth Round Mutual Evaluation Report of the Isle of Man (MER).
The Policy Office is responsible for monitoring progress against both the MER recommendations and evolving international AML/CFT standards, reporting to MONEYVAL on a regular basis. In addition to acting as the main conduit between the Isle of Man Government and the relevant international bodies, the Policy Office also leads the AML/CFT National Risk Assessment process and the development and coordination of national Financial Crime Strategies, reporting on progress to the Financial Crime Strategic Board.
In 2021, the Isle of Man Government published the Financial Crime Strategy 2021 – 2023, the Island’s third national strategy specific to fighting financial crime. The strategy adopts three Strategic Objectives, each objective comprising of several associated actions:
- To focus on new and existing money laundering threats – identifying and taking measures to address these.
- To focus on knowledge and development of skills to combat identified threats.
- To maintain a high level of compliance with the FATF and other relevant standards aimed at tackling money laundering and deliver on international commitments regarding beneficial ownership.
Anti-Bribery and Corruption Project
The Anti-Bribery and Corruption Project will coordinate activities in the Isle of Man that specifically address bribery and corruption whether domestic or international, identify where there may be potential gaps in our response and provide recommendations to public and private sector entities on managing the risks posed by bribery and corruption. The Project aims to deliver:
- A strategy setting out national priorities, against which activities can be developed, delivered and measured
- A method of recording and monitoring activities
- Advice and guidance to all relevant stakeholders
- Accessible resources and information that cover the Island's ongoing response to bribery and corruption, relevant policies, procedures and legislation, and how concerns can be reported
Anti-Bribery and Corruption Project Manager
The role of the Anti-Bribery and Corruption Project Manager is to develop and deliver a strategy and framework for tackling the ongoing threats to the Isle of Man arising from international and domestic bribery and corruption (the 'Anti-Bribery and Corruption Project').
Isle of Man Government - AML/CFT Committees
The Financial Crime Strategic Board
The purpose of the Financial Crime Strategic Board is to provide an effective mechanism to enable Isle of Man Government, regulators and law enforcement authorities to coordinate the development and implementation of actions related to combating money laundering, terrorist financing, the financing of proliferation of weapons of mass destruction and other financial crimes. The Board is made up of senior officers from law enforcement, regulatory authorities, the Attorney General’s Chambers and the Financial Intelligence Unit.
The Policy Office provides the secretariat functions for this committee, scheduling meetings, issuing agendas, circulating and producing papers and monitoring progress of action plans on behalf of the Board.
The AML/CFT Advisory Group
The Advisory Group is a representative discussion forum for professional and industry bodies to meet with Government agencies, including regulators and law enforcement authorities and industry. It is organised by the Policy Office and meets on a quarterly basis. The meeting provides a forum in which key stakeholders can discuss and comment on prospective changes to AML regulations and guidance. The aim of the AML/CFT Advisory Group is to strengthen communications and facilitate cooperation between government, regulators and industry in order to combat the threats to the Isle of Man’s financial systems by persons attempting to commit financial crimes.
The AML/CFT Technical Group
This Group is a cross-Government forum for discussion and coordination of AML/CFT and proliferation financing matters. It focuses on matters in respect of regulation and guidance and emerging issues in respect of the application of regulation. The Technical Group provides advice and support to the Financial Crime Strategic Board in respect of the development of ML/TF regulation, the implications for the Isle of Man regarding changes to international standards and the effectiveness of measures intended to tackle ML/TF at Government and industry level.