In a report published today, the Council of Europe’s anti-money laundering body MONEYVAL noted the continuing positive progress made by the Isle of Man (IoM) to tackle money laundering and terrorist financing since the adoption of its mutual evaluation report in December 2016. The report notes the positive progress made by the Financial Supervisory Authority (IOMFSA) in the implementation of its sanctioning regime. It assigns the IoM a higher international compliance rating in the area of tipping-off and confidentiality, and a positive compliance rating in the area of new technologies, including virtual assets.
The report was adopted by the 60th MONEYVAL Plenary meeting, while placing on hold the assessment for one rating related to group-wide requirements for non-financial businesses and professions, pending a decision on this issue by the FATF.
To date, the IoM has reached a level of full compliance with twenty of the 40 FATF Recommendations, which constitute the international anti-money laundering and countering the financing of terrorism (AML/CFT) standard. It retains minor deficiencies in the implementation of another nineteen Recommendations, and larger-scale deficiencies for only one.
MONEYVAL decided that IoM will remain in the enhanced follow-up process and will continue to report back on further progress to strengthen its implementation of AML/CFT measures.
The Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL) is a monitoring body of the Council of Europe entrusted with the task of assessing compliance with the principal international standards to counter money laundering and the financing of terrorism and the effectiveness of their implementation, as well as with the task of making recommendations to national authorities in respect of necessary improvements to their systems.