The Island’s Countering Financial Crime Conference brought together more than 600 people to network and share ideas on Wednesday.
They heard presentations from a range of organisations and experts, with a number of speakers visiting the island to take part.
Among them were representatives from the FBI. Three agents explained how they uncovered a complex £2bn insurance fraud and money laundering scam.
The audience also learned about:
- Financial crime connected to the international art market
- Illicit financing from the perspective of a senior investigator from His Majesty’s Customs and Excise
- Proliferation financing – how weapons of mass destruction could be paid for
- The operations of the island’s Financial Crime Partnership
The conference, which was held at the Villa Marina in Douglas, took place 14 months before the start of an international inspection into the Island’s frameworks to counter money laundering, terrorism financing and proliferation financing.
MONEYVAL, the Council of Europe’s anti-money laundering body, which is based in Strasbourg and is the regional branch of the International Financial Action Task Force, will undertake an examination of the island’s ability to deal with financial crime.
Preparations are well advanced across multiple government agencies and collaboration with industry is being stepped up as part of national efforts to secure a positive outcome.
‘Greylisting’ would have a major impact on the Island’s economy and the cost and ease of doing business, with some international organisations less likely to deal with the Island as a result.
Leam Thompson, a Board Member at the Isle of Man Financial Services Authority, told the audience that the International Monetary Fund estimates that greylisting could lead to a drop of 6 to 7 per cent of gross domestic product for most jurisdictions. But, because the island has a large finance sector, the reduction could be as high as 11 per cent.
The audience, whose members represented the private sector, the public sector, regulators and industry bodies, heard about the importance of identifying risks and taking action to ensure that the Island was not placed in such a position.
Minister for Justice and Home Affairs Jane Poole-Wilson MHK, the Anti-Money Laundering and Countering Financing of Terrorism Lead for the Isle of Man Government, said:
‘The conference was an excellent opportunity to learn from experts in many fields.
‘A huge amount of work is going on across industry and our regulators to prepare for MONEYVAL. That work is vitally important. Our shared goal is to make sure that we maintain our security against financial crime so that the island’s economy can prosper.
‘Collaboration between industry, government agencies and regulators is critical to maintaining the Island’s reputation as a well-regulated international finance centre and an outstanding place to do business.
‘The MONEYVAL evaluation in 2026 is an opportunity to showcase our continued efforts to remain a trusted and responsible member of the global community.’
