Isle of Man MONEYVAL 5th round evaluation
The Mutual Evaluation Report for the Isle of Man was discussed at the MONEYVAL Plenary on 8 December in Strasbourg. The Plenary formally adopted the Report which is now undergoing a quality and consistency review in accordance with procedures. The Report is due to be published early in 2017 once these procedures have been finalised but until that time the contents are confidential.
Information had been released by MONEYVAL in advance of the publication of the Report which stated that the Isle of Man has been placed into an enhanced follow-up procedure. It should be noted that after a mutual evaluation all countries go into follow up procedures as a minimum standard to ensure a continuous and ongoing system of monitoring improvements against the FATF Recommendations on AML/CFT. Enhanced follow-up is one level of the system and means that there are some significant aspects of a country’s AML/CFT provisions that require further work. Around half of all the countries that have been through this 5th Round process so far are now in the enhanced follow up process and we can confirm that this is the case with the Isle of Man.
The aspects identified as requiring significant attention are consistent with those included within the Island’s AML/CFT National Risk Assessment and National Strategy published in March 2016 and steps have already been taken to rectify these issues. It is not envisaged that wholesale changes to legislation or regulation will be required as part of the enhanced follow up procedures.