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 14^th 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 14^th 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 View all posts by raytodd2017