The Isle of Man Government has today published an updated National Risk Assessment (NRA) of money laundering and terrorist financing.
Undertaking a NRA is a requirement of the Financial Action Task Force, the body which sets international standards aimed at tackling money laundering and terrorist financing.
The assessment process helps governments and business allocate anti-money laundering resources to where they are most needed. This is the second national risk assessment conducted by the Isle of Man; the first was completed in 2015.
It was carried out with cross-government participation and input from the private sector and builds upon the 2015 assessment and the findings and recommendations of the MONEYVAL Mutual Evaluation Report of 2016.
The report identifies money laundering and terrorist financing risks to the Isle of Man at national level and for each financial sector. It also highlights the significant progress that has been made since 2016 in strengthening the national response to these risks, including substantial investment in financial intelligence, criminal investigation and asset recovery.
Chief Minister Howard Quayle MHK has welcomed publication of the 2020 National Risk Assessment as further evidence of the Island’s ongoing commitment to meeting international standards.
The Chief Minister said:
‘Money laundering and terrorist financing are global threats. All countries have a responsibility to identify the risks that are present and to ensure that they provide a robust response.
‘The Isle of Man Government is determined to protect the integrity and reputation of the Island as a successful centre for international business and finance. The national risk assessment is a key part of this strategy.
‘Meeting international commitments regarding money laundering and terrorist financing has been a key priority of this Government and will remain so.’
The 2020 National Risk Assessment document can be found on the Government website .