Careers in Countering Financial Crime

The Anti-Money Laundering, Countering the Financing of Terrorism, and Countering Proliferation Financing (AML/CFT/CPF) framework is a comprehensive set of policies and measures designed to prevent criminals and terrorists from exploiting the financial system.

This framework is instrumental in identifying, detecting, and taking action against illicit activities that can cause significant harm to society. By establishing stringent measures, the AML/CFT/CPF framework aims to stop the abuse of the financial system and mitigate the cross-border challenges posed by money laundering, terrorist financing, and proliferation financing.

11 Immediate Outcomes

The Financial Action Task Force (FATF), an intergovernmental body setting international standards, measures how effectively countries implement 11 key goals within an AML/CFT/CPF framework, known as the 11 Immediate Outcomes.

These outcomes encompass crucial aspects such as multi-agency coordination, public and private sector partnership, and strategic implementation to create a robust defence against financial abuse.

Each of these outcomes contributes to building a comprehensive AML/CFT/CPF framework, aligning nations with global efforts to combat financial crimes.

A text alternative of the immediate outcomes diagram is available. 

Programme of Works

A significant Programme of Works is currently underway to enhance the effectiveness of the Isle of Man's AML/CFT/CPF framework. Key highlights include:

• A strategic review conducted in November 2022, culminating in recommendations against FATF Immediate Outcomes
  
  
• Implementation of these recommendations into agency action plans, showing substantial progress in the last year
  
  
• Continuous collaboration between the AML/CFT Policy Office and relevant agencies to ensure effective implementation and regular progress reporting
  
  
• Appraisal of the Programme of Works presented to Tynwald members in September 2023, with plans for future updates
  
  
• An outreach Programme to industry as part of the ongoing efforts to maintain international standards and prepare for the next Mutual Evaluation
  
  
• Commitment at the highest levels, with full political support from the Chief Minister and Council of Ministers

Key Milestones and Progress

The Programme of Works entails a comprehensive approach to strengthening the AML/CFT/CPF framework:

• Submission and approval of the 2024-2026 Financial Crime Strategy, effective since December 2023
  
  
• Upcoming publication of a National Action Plan to further solidify efforts against financial crimes
  
  
• Bolstering of resources across relevant agencies involved in the framework, creating job opportunities and facilitating future reviews of resource allocation
  
  
• Ongoing preparations for the next Mutual Evaluation, with prioritized funding, legislation, and technology implementation
  
  

AML/CFT Policy Office

The Anti-Money Laundering and Countering the Financing of Terrorism Policy Office acts as the coordinating body for the Isle of Man’s AML/CFT regime, coordinating the Island’s engagement with the Financial Action Task Force and MONEYVAL.

Financial Services Authority

The Isle of Man's Financial Services Authority seeks to protect consumers, reduce financial crime and maintain confidence in the finance sector through effective regulation.

Financial Intelligence Unit

The Financial Intelligence Unit is the national centre for the receipt and analysis of suspicious transaction reports and relevant money laundering information, associated predicate offences, and terrorist financing. FIUs are also responsible for disseminating analysis results.

Customs and Excise Division

The Customs and Excise Division is responsible for the implementation of UN and UK financial and economic sanctions and export and trade licensing controls in the Isle of Man.

Isle of Man Constabulary (PIMLIT)

The Isle of Man Constabulary have a specialist Proactive International Money-Laundering Investigations Team who investigate complex, multi-jurisdictional cases of money-laundering and the financing of terrorism. Domestic financial crime matters and fraud are investigated by the Economic Crime Unit.

Gambling Supervision Commission

The Gambling Supervision Commission regulates all online gambling activities, as well as the licensing and regulation of land-based gambling operations such as casinos and betting offices.

International Co-operation and Asset Recovery Team (ICART) - Attorney General's Chambers

The ICART team identifies, restrains and recovers criminal assets in the Isle of Man, using criminal and civil powers created by legislation.

Prosecutions Division - Attorney General's Chambers

The Prosecution Division undertake the statutory responsibility of prosecution on behalf of His Majesty’s Attorney General in relation to all cases brought on behalf of the Isle of Man Constabulary, as well as other statutory boards and departments.

Income Tax Division

The Income Tax Division is responsible for the collection of Income Tax and National Insurance as well as compliance with international taxation standards. The Division ensures Isle of Man taxpayers are compliant and has a role in investigating possible cases of tax evasion. In additional, the Division collects and provides information to assist with tax compliance and investigations in partner jurisdictions using its extensive exchange of information network.

Central Registry

The Central Registry is responsible for incorporating and dissolving companies and other corporate entities, maintaining company and corporate entity information and making this information available publicly. As of August 2023, it maintained details of over 33,000 live registrations, over 25,000 of which are corporates bodies and 150,000 dissolved registrations. Altogether, it processes more than 100,000 transactions per year.

By working in AML/CFT/CPF agencies, you will develop a range of transferable skills:

• International networking and engagement: Work with a wide variety of contemporaries in other jurisdictions, expanding your knowledge across boundaries and building relationships
  
  
• Influence: Small teams, where you are a person not just a role profile, means more opportunities to work closely with colleagues at all levels of seniority. You can see first hand how your input directly influences the activities of your team
  
  
• Compliance Skills: Gain expertise in ensuring adherence to regulatory requirements and industry standards
  
  
• Knowledge of AML/CFT/CPF Legislation, Regulations, and Processes: Acquire in-depth understanding and practical experience in the legal and regulatory frameworks related to Anti-Money Laundering, Countering Terrorism Financing, and Countering Proliferation Financing
  
  
• Public Sector Understanding: Develop insights into public sector operations, particularly in the development of policy, passage of legislation, and cross-governmental coordination
  
  
• Knowledge and Experience around AML/CFT/CPF International Standards: Stay abreast of international standards and best practices in combating financial crimes on a global scale
  
  
• Investigative Skills: Enhance your ability to investigate and analyze financial transactions, identifying potential money laundering, terrorist financing, and proliferation financing activities
  
  
• Report Writing: Hone your skills in preparing comprehensive and accurate reports on suspicious financial activities, contributing to effective decision-making
  
  
• Identifying and Assessing ML/TF/PF Risks: Develop a keen sense of identifying and assessing risks associated with money laundering, terrorist financing, and proliferation financing
  
  
• Written and Verbal Communication Skills: Strengthen your communication skills, both written and verbal, essential for effective collaboration and information exchange within agencies and with external stakeholders
  
  
• Data Analysis: Acquire proficiency in analysing financial data to uncover patterns and anomalies that may indicate illicit activities
  
  
• Time Management: Cultivate strong time management skills to efficiently handle the demands of investigating and preventing financial crimes
  
  
• Strong Critical Thinking and Sound Decision-Making Skills: Develop the ability to think critically and make sound decisions in high-pressure situations, crucial for effective intervention in financial crimes

These transferable skills gained in AML/CFT/CPF agencies not only contribute to the fight against financial crimes but also form a valuable foundation for a successful and impactful career.

Here are some examples of jobs that have come up recently, a bit about them and their pay scale:

• Financial Intelligence Analyst - FIU (£32,765 – £38,280)
  The primary purpose of the role is to collect, process, analyse and, where appropriate, disseminate intelligence from suspicious activity reports (SARs) and other sources of intelligence received by the FIU relating to financial crime, money laundering, terrorism financing, proliferation financing and financial sanctions breaches
  
  
• Administrative Officer - FSA (£24,000 - £33,000)
  The successful candidate will have responsibility for contributing in taking action to deal with Enforcement matters and provide administrative support to the division
  Apply now on JobTrain
  
  
• Assessing Officer - Income Tax (£26,537 - £32,010)
  You will start in the Customer Services Team and have the opportunity to rotate through the Assessing Teams to gain a broad understanding of income tax, national insurance and the broader income tax/national insurance subjects

More roles will be added in future as our teams grow.

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About Money Laundering

Money laundering (ML) is the processing of criminal proceeds to disguise their illegal origin. Criminals do this by disguising the sources, changing the form, or moving the funds to a place where they are less likely to attract attention.

About Terrorist Financing

Terrorist financing (TF) is the financial support, in any form, of terrorism or those who encourage, plan or engage in terrorism. TF differs from money laundering in that the source of funds can either be legitimate, such as an individual’s salary, crowdfunding or charity donations, or illegitimate, often the proceeds of crimes such fraud, drug trafficking or kidnap for ransom.

About Proliferation Financing

Proliferation financing refers to the act of providing funds or financial services which are used, in whole or in part, for the manufacture, acquisition, possession, development, export, trans-shipment, brokering, transport, transfer, stockpiling or use of nuclear, chemical or biological weapons and their means of delivery and related materials (including both technologies and dual-use goods used for non-legitimate purposes) in contravention of national laws, or where application, international obligations.

About the Financial Actions Task Force

The Financial Action Task Force (FATF) is an intergovernmental standard-setting body that leads the international fight against money laundering and terrorist financing. The FATF sets international standards that aim to prevent money laundering, terrorist financing and proliferation financing and the harm they cause to society. As a policy-making body, the FATF works to generate the necessary political will to bring about national legislative and regulatory reforms in these areas.

About MONEYVAL

MONEYVAL is a FATF Style Regional Body (FATF); a Council of Europe committee that oversees the implementation of the FATF standards for many European countries, including the Isle of Man.