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:-

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.

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 this link.

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.

MONEYVAL Frequently Asked Questions.