Consultation on the Anti-Money Laundering and Countering the Financing of Terrorism (Specified Non-Profit Organisations) Code 2019

The Isle of Man Financial Services Authority, in conjunction with the Department of Home Affairs has today issued Consultation Paper (CP19-02/T19) on the proposed introduction of an Anti-Money Laundering and Countering the Financing of Terrorism (Specified Non-Profit Organisations) Code. This is proposed as part of an update to the Island’s Anti-Money Laundering and Countering the Financing of Terrorism framework; the updated framework needs to be in force by July 2019 in order to coincide with the Island’s next follow up report to MONEYVAL and its consideration at their plenary scheduled for July 2019.

The consultation is relevant to:

  • Specified non-profit organisations (SNPOs) registered under the Designated Businesses (Registration and Oversight) Act 2015. It is also relevant to advisers to SNPOs, and potential SNPOs.

Responses to the consultation are requested by 27th March 2019. Please refer to the consultation webpage for further information.

The Authority will be offering appointments on 7th March 2019 for persons who wish to discuss certain matters or have specific areas of concern. Should you wish to book a 30 minute slot please email [email protected] (slots are limited to 30 minutes in order for the Authority to be able to meet with a number of parties). Should there be sufficient interest the Authority will be offering appointments on an additional date.

SNPOs may also be interested in the proposed change to the definition of SNPO in Schedule 4 to the Proceeds of Crime Act 2008. It is not envisaged that the proposed change of definition will lead to any further non-profit organisations being deemed as specified non-profit organisations. The proposed changes to the definition of SNPO are being consulted on in the AML/CFT Framework consultation.