MONEYVAL 5th Round Mutual Evaluation – Progress report 2018
In line with MONEYVAL’s common follow-up rules of procedure, the Isle of Man had to report back to MONEYVAL in July 2018 on the steps taken since the publication of the Mutual Evaluation Report in 2016 to strengthen its AML/CFT framework. All jurisdictions enter into similar follow-up procedures.
The follow up report has now been published and analyses the Isle of Man’s progress in addressing the technical compliance deficiencies identified in the mutual evaluation report. The report also looks at whether the Isle of Man has complied with the new requirements of those FATF Recommendations that have changed since 2016.
In that report MONEYVAL concluded that ‘Overall, the Isle of Man has made commendable progress in addressing the TC deficiencies identified in its 5th Round MER and has been re-rated on 8 Recommendations (8 upgrades).’
MONEYVAL re-rated the Isle of Man to “Compliant” with Recommendations 5 (criminalisation of the financing of terrorism), 6 (targeted financial sanctions on the financing of terrorism), 16 (wire transfers), 29 (financial intelligence unit), 32 (cash couriers) and 33 (statistics); and to “Largely Compliant” with Recommendations 24 (transparency of legal persons) and 35 (sanctions). As a result the Isle of Man is assessed as Compliant or Largely Compliant on 38 out of 40 of the FATF Recommendations.
The Isle of Man remains committed to meeting international standards to combat money laundering and the financing of terrorism and proliferation and will report back to MONEYVAL within one year on progress to further strengthen its implementation of AML/CFT measures.
A copy of the report can be found here.