On 6 September, the Council of Europe’s AML/CFT body, Moneyval, has issued a further update report on the Isle of Man.  It says that, overall, it has made progress in addressing the technical compliance deficiencies identified in its 5th Round mutual evaluation report in December 2016.  Moneyval has re-rated as “compliant” 4 FATF Recommendations: 3 Recommendations on record keeping, PEP and reliance on third parties originally rated as “largely compliant” and 1 Recommendation on transparency and beneficial ownership of legal arrangements originally rated as “partially compliant”.  The Isle of Man will remain in enhanced follow-up and should report back to within 1 year on further progress to strengthen their implementation of anAML/CFT measures.

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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