On 13th February, the FSA announced a joint consultation exercise with the Department of Home Affairs and the Treasury on proposed changes to the Island’s AML/CFT framework.  The updated framework needs to be in force by July 2019 in order to coincide with the Island’s next follow-up report to MONEYVAL and its consideration at their plenary scheduled for July 2019.  Responses are required by 27th March.  The proposed update includes remediation action identified by MONEYVAL in their evaluation of the island, and also amendments identified by the FSA staff over time through supervisory activities and discussions with relevant persons.  It also proposes separate codes for NPO and gambling sectors.

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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