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MONEYVAL publishes a follow-up report on the Isle of Man

Strasbourg 07/09/2018
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MONEYVAL publishes a follow-up report on the Isle of Man

In light of the Isle of Man’s progress in strengthening its framework to tackle money laundering and terrorist financing since the adoption of its mutual evaluation report in December 2016, MONEYVAL has re-rated the jurisdiction on 8 of the 40 Recommendations of the Financial Action Task Force (FATF).

In December 2016, the Isle of Man was placed in MONEYVAL’s enhanced follow-up procedure based on the results of its mutual evaluation, which assessed the effectiveness of the Isle of Man’s anti-money laundering and counter-terrorist financing (AML/CFT) measures and their compliance with the 40 Recommendations.

In line with MONEYVAL’s rules of procedure, the Isle of Man reported back to MONEYVAL on the steps taken since 2016 to strengthen its AML/CFT framework.

This follow-up report analyses the Isle of Man’s progress in addressing the technical compliance deficiencies identified in the mutual evaluation report. The report also looks at whether the Isle of Man has complies with the new requirements of those FATF Recommendations that have changed since 2016.

To reflect this progress, MONEYVAL has re-rated the Isle of Man to “Compliant” with Recommendations 5 (criminalization of the financing of terrorism), 6 (targeted financial sanctions on the financing of terrorism), 16 (wire transfers), 29 (financial intelligence unit), 32 (cash couriers) and 33 (statistics); and to “Largely Compliant” with Recommendations 24 (transparency of legal persons) and 35 (sanctions).

Further steps have been taken to improve compliance with the other Recommendations, but some gaps remain. The Isle of Man is encouraged to continue its efforts to address the remaining deficiencies.

MONEYVAL decided that the Isle of Man should remain in enhanced follow-up and report back to MONEYVAL within one year.