On 5th October, FATF published the 1st follow-up report to Moneyval’s mutual evaluation of the Isle of Man which says that, in light of progress in strengthening its framework to tackle money laundering and terrorist financing since the adoption of its report in December 2016, MONEYVAL has re-rated the jurisdiction on 8 of the 40 FATF Recommendations.  Recommendations 5, 6, 29, 32 and 33, initially rated as LC, are re-rated as C; Recommendation 16, initially rated as PC, is re-rated as C; and Recommendations 24 and 35, rated as PC in the MER, are re-rated as LC.

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

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s