The Isle of Man’s progress in further strengthening its anti-money laundering regime in line with international standards has received fresh recognition from the European review body overseeing the Island’s compliance with recommendations set by the global Financial Action Task Force (FATF).
A report published by the Council of Europe’s ‘MONEYVAL’ watchdog confirms the Island’s continued improvement in its compliance with the standards for countering money laundering and terrorist financing.
MONEYVAL, the European Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism, concludes that the Isle of Man has made ‘considerable progress’ in addressing issues identified in the International Monetary Fund’s assessment of the Island in 2009. This includes compliance with the FATF Recommendations on customer due diligence and identifying beneficial ownership.
Welcoming the MONEYVAL report, Chief Minister Allan Bell MHK said:
‘This is another important acknowledgement of the Isle of Man’s continuing improvement in line with international standards. It is a further demonstration of the Island’s commitment to the fight against money laundering and terrorist financing, and determining beneficial ownership.’