ISLE OF MAN: RESPONSE TO CONSULTATION ON AML/CFT CODE FOR SPECIFIED NON-PROFIT ORGANISATIONS

On 15th May, the FSA published its response to a consultation on legislation has now been made and will come into operation on 1st June.  The purpose of the consultation was to obtain views in relation the proposed introduction of a dedicated AML/CFT Code for Specified Non-Profit Organisations (SNPO) – currently SNPO must comply with a 2015 Code, which is applicable to a wide range of sectors.  At the same time, the FSA, in conjunction with the DHA and Treasury conducted a consultation into changes to the wider AML/CFT framework, which included an update to the 2015 Code.  There were only 2 responses received, and these were broadly supportive of the update to the framework and respondents understood the rationale behind the update.

https://consult.gov.im/financial-services-authority/anti-money-laundering-and-countering-the-financing/supporting_documents/ConsultationResponse%20SNPO%20Code%202019.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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