ISLE OF MAN: ANTI-MONEY LAUNDERING AND COUNTERING THE FINANCING OF TERRORISM (UNREGULATED TRUSTEES) CODE 2018 AND AML/CFT CODE CHANGES

This Code, which came into operation on 14th September, provides an AML/CFT code for “unregulated trustees”, i.e. a trustee of an express trust that is governed by or otherwise subject to the law of the Island which is either resident in the Island or a foreign trustee, and is not already required to be licensed under the Financial Services Act 2008 or obliged to comply with the existing 2015 AML/CFT code.

Meanwhile, on the same Order paper, the Anti-Money Laundering and Countering the Financing of Terrorism (Amendment) Code 2018 makes various amendments to the 2015 Code, also with effect from 14th September, to give effect to recommendations made in the Moneyval Mutual Evaluation Report of the Island.

http://www.tynwald.org.im/business/opqp/sittings/20182021/2018-SD-0241.pdf

http://www.tynwald.org.im/business/opqp/sittings/20182021/2018-SD-0242.pdf

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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