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.
In 2012 the IOM Government joined MONEYVAL to participate with other members in the mutual evaluation process of AML/CFT measures. MONEYVAL (“The Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism”) is part of the Council of Europe and is a FATF-Style Regional body. In 2016 the IOM was assessed under MONEYVAL’s 5th round of evaluations, i.e. under the FATF 2012 recommendations and 2013 methodology. The IOM was previously evaluated by the International Monetary Fund in 2008.
For further background on the International Perspective in relation to AML/CFT and the assessment process please see the following link: http://www.iomfsa.im/AML/internationalPerspective.xml
MONEYVAL 5th Round Mutual Evaluation Report
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.
Following the publication of this report, the Isle of Man Financial Services Authority would like to invite licenceholders and designated businesses to attend an information session, to be held on 20 March 2017 where the findings of the report, and recommended actions, will be explained in further detail.
It is proposed the session will cover the following topics:
- Background to the report;
- General key findings and conclusions arising from the report;
- Recommended actions detailed in the report;
- The MONEYVAL follow up provisions and what they mean for the IOM;
- Next steps in the MONEYVAL process; and;
- Specific key findings and recommend actions relating to the work of financial institutions and designated businesses and oversight by the IOMFSA – it is anticipated for this topic there will be a number of separate presentations therefore delegates will be split by industry sectors.
If you would be interested in attending this event we would be grateful if you could let the Authority know by 20 February 2017. Unfortunately due to the anticipated numbers, this even will have to be limited to one officer per class of licence held by the entity.