Anti-Money Laundering and Countering the Financing of Terrorism Code 2019 - Amendment
There has been a recent amendment to the Anti-Money Laundering and Countering the Financing of Terrorism Code 2019 (“the Code”) in order to address some minor typographical errors identified and to address some updates that were required. The amended Code came into force on 25 November 2019.
A copy of the amendment Code can be found here.
Appendix A(a) – Tracked version of the amended Code
Appendix A (b) – Clean version of the amended Code
Also, a further package of measures was approved by Tynwald in December 2019 which resulted in subsequent updates being made to the Proceeds of Crime Act 2008. These changes were made to enhance the Island's AML/CFT legislation in connection with a FATF recommendation around disclosures and what is colloquially referred to as "Tipping Off". Further details can be found here.
The consultations for the above legislative amendments were undertaken by Cabinet Office in late 2019.