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.
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