29th April 2013
Money Laundering and Terrorist Financing Code 2013
Following the approval by Tynwald of the Money Laundering and Terrorist Financing Code 2013 this revised legislation will come into effect on 1 May 2013. The main purpose of the revision is to amalgamate the Proceeds of Crime (Money Laundering) Code 2010 and the Prevention of Terrorist Financing Code 2011.
This new legislation no longer contains the Schedule of Relevant Business (Schedule 1 of the previous Code), this information is now included in Schedule 4 to the Proceeds of Crime Act and is referred to as “Business in the regulated sector”.
A new Code for the on-line gaming industry, entitled the Money Laundering and Terrorist Financing (Online Gambling) Code 2013, will also come into effect on 1 May 2013.
The Commission’s Anti-Money Laundering and Countering the Financing of Terrorism Handbook (“AML/CFT Handbook”) will be amended to take into account the Money Laundering and Terrorist Financing Code 2013. It is anticipated that the revised AML/CFT Handbook will be published imminently. A further press release will be made at this time.