The Council of Europe’s monitoring body Moneyval, which assess compliance with European rules on anti-money laundering and the financing of terrorism, has upgraded the Isle of Man on eight of 40 recommendations it made in a 2016 report.
The follow-up to its initial assessment two years ago analyses the Isle of Man’s progress in addressing the technical compliance deficiencies identified in that mutual evaluation report.
The report also looked at whether the Isle of Man has complied with the new requirements of the Financial Action Task Force (on Money Laundering) that had changed since 2016.
Moneyval re-rated the Isle of Man to “compliant” for the following recommendations it had made in the 2016 report:
- Criminalisation of the financing of terrorism,
- Targeted financial sanctions on the financing of terrorism,
- Wire transfers,
- Financial intelligence unit,
- Cash couriers, and
- Statistics.
It also re-rated the IoM as “largely compliant” on its recommendations on transparency of legal persons and on sanctions.
Moneyval said the island is “encouraged to continue its efforts to address the remaining deficiencies,” and said it would follow up in a year and report back.
