The International Perspective and Assessments
The Isle of Man Government and the Isle of Man Financial Services Authority are fully committed to continually reviewing the Island's legislation and regulations against the applicable international standards in relation to anti-money laundering and the countering of terrorist financing. The relevant international standards in the fight against financial crime are the 40 Recommendations issued by the Financial Action Task Force (“FATF”) further information and a copy of these standards entitled the 'International standards on combating money laundering and the financing of terrorism & proliferation' (the “FATF Recommendations”) are available from the FATF website or by following this link. Although not a member of the FATF the Island fully endorses FATF's recommendations.
In 2008/2009 the IMF conducted a Financial Sector Assessment Programme (“FSAP”) on the Isle of Man covering the Island’s compliance with international standards for anti-money laundering and countering the financing of terrorism, the Insurance Core Principles issued by the International Association of Insurance Supervisors and the Basel Core Principles for Effective Banking Supervision.
The report concludes that “…the Isle of Man is broadly compliant with most aspects of the FATF recommendations…”, having continued to upgrade its requirements significantly. In addition, the report found that the Island has a general high standard of financial sector regulation and supervision. The report also noted that “the Isle of Man authorities take their responsibilities in the area of international co-operation seriously”, citing supervisory co-operation, mutual legal assistance and tax information exchange agreements.
On the 10 October 2012 the Council of Europe ‘s Committee of Ministers passed resolution CM/Res (2012)6 authorising the participation of the Isle of Man in the mutual evaluation process and procedures of the Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (“MONEYVAL”). This allows the Isle of Man to participate in MONEYVAL’s evaluation and follow-up procedures. A link to resolution CM/Res (2012)6 can be found here.
The latest on-site evaluation took place in Q2 of 2016 under MONEYVAL’s 5th round of evaluations and the report was published on 27 January 2017. A press statement issued by the Cabinet Office regarding the publication of the report can be found here.