Following the conclusion of the 61st MONEYVAL Plenary Council meeting, it has been confirmed that the Isle of Man is no longer required to report to MONEYVAL on an annual basis. This decision reflects the progress of the Isle of Man Government in developing an excellent technical framework and provides reassurance to industry.
The Isle of Man has been positively marked on 39 out of the 40 Financial Action Task Force (FATF) international standards*, which puts the Island amongst a select group of leading nations in the world for technical compliance in anti-money laundering measures.
The Isle of Man is currently in a stage referred to as ‘enhanced follow-up’ as are many other countries. This will continue to be the case until an on-site review takes place. However, with FATF and MONEYVAL facing a number of challenges this is unlikely to be for some time.
Over the coming years the Island will continue to focus on measures to enhance the prevention, detection and prosecution of money laundering, proactively engaging and promoting cooperation with businesses and international organisations. The Isle of Man will next be required to report to MONEYVAL in three years’ time.
Chief Minister Howard Quayle MHK said:
'I welcome the decision by the MONEYVAL Plenary. It is a significant milestone for the Isle of Man and reflects the Island’s commitment to playing a leading role in the global fight to tackle financial crime. The Island is grateful for the very positive engagement that has taken place with the MONEYVAL Secretariat throughout this process.
'The Isle of Man is dedicated to attracting quality, legitimate business and seeks at all times to prevent the misuse of its finance sector by criminals. The Isle of Man therefore attaches great importance to the maintenance of high standards of financial regulation and supervision. We do not welcome those seeking to launder the proceeds of crime and where there is evidence of any wrongdoing in this respect then we will take the appropriate action necessary. We are proud of our progress to date and commit with renewed determination to do our part as responsible members of the international community.'
* Recommendation 23 (Designated Non-Financial Businesses and Professions: Other Measures) remains partially compliant. The Isle of Man has been in discussions with the MONEYVAL Secretariat regarding the interpretation of the methodology concerning this recommendation.
