MONEYVAL PUBLISHES A FOLLOW-UP REPORT ON THE ISLE OF MAN

The Council of Europe on 7th September reported that in light of the Isle of Man’s progress in strengthening its AML/CFT framework since the adoption of its mutual evaluation report in December 2016, MONEYVAL has re-rated the jurisdiction on 8 of the 40 Recommendations of FATF.  In December 2016, the Isle of Man was placed in MONEYVAL’s enhanced follow-up procedure based on the results of its mutual evaluation.  The follow-up report analyses progress in addressing the technical compliance deficiencies identified in the mutual evaluation report, and also looks at whether the Isle of Man has complied with the new requirements of those FATF Recommendations that have changed since 2016.  MONEYVAL has –

  • re-rated the Isle of Man to “Compliant” with Recommendations 5 (criminalization 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
  • re-rated it to “Largely Compliant” with Recommendations 24 (transparency of legal persons) and 35 (sanctions).

Further steps have been taken to improve compliance with the other Recommendations, but some gaps remain and it is encouraged to continue its efforts to address the remaining deficiencies.  MONEYVAL also decided that the Isle of Man should remain in enhanced follow-up and report back to MONEYVAL within a year.

https://www.coe.int/en/web/moneyval/-/moneyval-publishes-a-follow-up-report-on-the-isle-of-man

The report, dated July 2018, is available at –

https://rm.coe.int/moneyval-2018-9-sr-5th-round-summary-fupmer-isle-of-man/16808d3433

The original MER in 2016 gave the following markings –

mer1

The amended markings for FATF Recommendations are now –

mer2

mer3

mer4

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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