The Isle of Man is strengthening is commitment to tackling corruption, money laundering and the financing of terrorism through the creation of the Financial Intelligence Unit (FIU).
The FIU became operational today, Friday 22 April 2016 after Royal Assent was granted for the Financial Intelligence Unit Act 2016. The legislation establishes the FIU as a stand-alone agency, having previously been an integrated function of the Isle of Man Constabulary’s Financial Crime Unit.
The FIU will play a key role in efforts to protect the Isle of Man’s reputation as a well-regulated and responsible international business centre. Its main responsibilities include:
- Promoting awareness of procedures around anti-money laundering and the combatting of terrorist financing
- Acting as the Isle of Man’s national centre for the receipt and analysis of Suspicious Activity Reports
- Liaising with law enforcement agencies
- Working in partnership with the Attorney General’s Chambers to respond to international requests for assistance in criminal investigations
- Ensuring that all financial intelligence activity undertaken by the FIU meets international best practice
The FIU does not investigate financial crime. This function has been retained by the Isle of Man Constabulary’s Financial Crime Unit, which is to be based at Police Headquarters.
Home Affairs Minister Juan Watterson MHK said: ‘The Isle of Man has a strong track record of compliance with international standards. The creation of a stand-alone Financial Intelligence Unit will further enhance our defences against criminal activity.’
Royal Assent was also announced in Tynwald this week to the Terrorism and Crime (Miscellaneous Amendments) Act, which makes a number of detailed and technical enhancements to the Island’s laws against money laundering and the financing of terrorism.
