ISLE OF MAN: UPDATE ON OUTSTANDING AML/CFT ISSUES IDENTIFIED BY MONEYVAL

At the October sitting of the Island’s parliament, Tynwald, a question was asked about the compliance enhancing procedures (CEP) report required on issues identified by MONEYVAL, following the mutual evaluation report and the enhanced follow-up process.  When, it was asked, would this CEP report be published?  It is said that the Isle of Man entered the CEP process in December 2018 in order that 3 specific matters identified as outstanding from the 2016 Mutual Evaluation Report should be monitored and addressed in a timely manner.  The first of 2 CEP reports was considered at the MONEYVAL’s July Plenary and, it is said, will be published on the Government website in due course.  A second CEP report will be submitted to MONEYVAL at the end of October.  The 3 issues involved were concerned with CDD procedures and the greater use of administrative sanctions by the financial sector regulator, the FSA.

http://www.tynwald.org.im/business/hansard/20002020/t191015%20Early%20Written%20Answers.pdf

This blog is primarily for my own use, to keep informed and up to date. However, if you would like to say thank you (and perhaps help me get a new, better laptop when I am away…) you can “buy me a coffee” at https://www.buymeacoffee.com/KoIvM842y

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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