Evaluations/Assessments
IMF Report 2009
On 14 September 2009, the IMF published a Financial Sector Assessment Programme Report on the Isle of Man.
The IMF’s reports can be accessed below:-
- Detailed Assessment of Observance of AML/CFT
- Financial System Stability Assessment
- Detailed Assessment of Observance of the Basel Core Principles for Effective Banking Supervision
- Stress Testing: Banking and Insurance
- Detailed Assessment of Observance of the Insurance Core Principles
MONEYVAL evaluation and follow-up process
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 Island’s First 3rd Round Written Progress Report outlining progress made by the Isle of Man to implement recommendations previously identified by the IMF, was presented and adopted at the MONEYVAL Plenary in September 2013 and published on MONEYVAL’s website. A link to the Isle of Man’s First 3rd Round Written Progress Report can be found here.
A link to a statement issued by the Chief Minister can be found here.
MONEYVAL Onsite Assessment 2016
The information below is provided to give the financial services and non-financial services industries an update on the MONEYVAL 5th Round Mutual Evaluation, which took place from 25 April – 7 May 2016, with the final report being published on 27 January 2017.
The Isle of Man Government is fully committed to ensuring that the Isle of Man (“IOM”) meets the applicable international standards in relation to anti-money laundering and countering of terrorist financing (“AML/CFT”). In order to achieve this, the Government, together with the Isle of Man Financial Services Authority continually review the Island’s legislation and regulations against the relevant international standards, the 40 Recommendations issued by the Financial Action Task Force (“FATF”). The Government also ensures that the extent to which the IOM applies these standards can be independently evaluated by international assessors.
For further background on the International Perspective in relation to AML/CFT and the assessment process please see this link.
Following the onsite assessment in April 2016, and the MONEYVAL plenary held on 8 December 2016 in Strasbourg, the 5th Round Mutual Evaluation Report for the Isle of Man was formally adopted. The Cabinet Office issued a press release on 27 January 2017 regarding the publication of the report.
The report analyses the Island’s level of compliance and effectiveness in regards to the latest AML/CFT standards as well as making recommendations for the future. The findings of the report confirm the Island’s high level of compliance in its AML/CFT legislation and its coordination of AML/CFT policies but also highlights areas for improvement such as the resourcing of financial intelligence and investigations.
MONEYVAL 5th Round Mutual Evaluation Report
In 2018, 2019 and 2020 MONEYVAL published follow up reports which analysed the Isle of Man’s progress in addressing the technical compliance deficiencies identified in the mutual evaluation report. The report also looked at whether the Isle of Man has complied with the new requirements of those FATF Recommendations that have changed since 2016.
The 2018 report concluded that ‘Overall, the Isle of Man made commendable progress in addressing the TC deficiencies identified in its 5th Round MER and was re-rated on 8 Recommendations (8 upgrades).’ The report can be found here.
The 2019 report concluded that ‘Overall, the Isle of Man has made progress in addressing the TC deficiencies identified in its 5th Round MER and was re-rated on 4 Recommendations.’ The report can be found here.
The 2020 report concluded that ‘Overall, the Isle of Man has made progress in addressing the TC deficiencies identified in its 5th round MER and has been re-rated on two Recommendations.’ The report can be found here.