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Isle of Man Financial Crime Strategy

Thursday, 10 August 2017

The Isle of Man Government has today (Thursday August 10, 2017) published its Financial Crime Strategy 2017-2020.

The Strategy builds on previous work to combat money laundering and terrorist financing, which has been reinforced by the findings of the Island’s MONEYVAL assessment undertaken in 2016.

In a foreword to the document, Chief Minister Howard Quayle MHK states that the Isle of Man takes its responsibilities as an international business centre very seriously.

‘The Island has led the way amongst small jurisdictions in engaging with international initiatives against financial crime and in co-operating with other countries’, writes Mr Quayle.

‘As a centre dedicated to attracting quality business we have an economic as well as a moral rationale for protecting our financial systems and reputation against abuse by criminals.’

The Chief Minister notes that the outcome of the MONEYVAL assessment largely confirmed the findings of the Island’s own National Risk Assessment, identifying the resourcing of financial intelligence gathering and investigations as areas for improvement.

‘Addressing these points is a matter of national priority for my Government and I am pleased that significant progress has already been made.’

Mr Quayle concludes:

‘I trust that the production of this overarching Financial Crime Strategy is further evidence of the Isle of Man’s firm commitment to a ‘zero tolerance’ approach to financial crime.’

The Isle of Man Financial Crime Strategy 2017-2020 is available online at: Cabinet Office Documents

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