AML/CFT-RELATED MEASURES IN ISLE OF MAN PARLIAMENT IN DECEMBER

The Order Paper for the December sitting of the Island’s parliament includes a number of Orders as well as the Anti-Money Laundering and Countering the Financing of Terrorism (General and Gambling) (Amendment) Code 2019-

  • Proceeds of Crime Act (Compliance with International Standards) (No. 3) Order 2019 – would align tipping-off legislation so that it is commensurate with the FATF Recommendation 21, together with amendments and the offence of prejudicing an investigation being aligned with that of “tipping off”. The Order is another that addresses an issue which was identified in MONEYVAL’s Mutual Evaluation Report.  Other amendments are intended to assist with the legitimate disclosure of information within group companies and financial institutions.
  • Proceeds of Crime (Financial Institution) Order 2019 – another part of a package of measures that seek to address an issue which was identified in MONEYVAL’s Mutual Evaluation Report, this Order, and linked to the above, defines “financial institution” for the purposes of sections 145 to 148; it also revokes the redundant Proceeds of Crime (Money Laundering: Permitted Disclosures) (Credit Institutions and Financial Institutions) Order 2009.
  • Proceeds of Crime (Meaning of Group) Order 2019 – a further part of a package of measures that seek to address an issue which was identified in MONEYVAL’s Mutual Evaluation Report, this Order defines a “group” in respect of permitting the legitimate disclosure of information within group companies.
  • Anti-Terrorism and Crime Act (Compliance with International Standards) Order 2019 – yet another part of a package of measures that seek to address an issue which was identified in MONEYVAL’s Mutual Evaluation Report, this Order provides for a “tipping off” offence under the Anti-Terrorism and Crime Act 2003 which is the equivalent of that found in the Proceeds of Crime Act 2008. Then, having done that, it makes further amendments to the Anti-Terrorism and Crime Act 2003 that correspond to those made to the Proceeds of Crime Act 2008 by the first of the Orders listed here.
  • Anti-Money Laundering and Countering the Financing of Terrorism (General and Gambling) (Amendment) Code 2019 – the amendments in this measure seek to address some of the remaining technical deficiencies relating FATF Recommendation 23 (DNFBPs: Other Measures), being the only Recommendation for which the Island remains marked as “Partially Compliant” by MONEYVAL following its Mutual Evaluation Report. The changes made are designed to be included in the 3rd Enhanced Follow-Up report, which is required to be submitted to MONEYVAL in early January 2020.  The substantive changes are made in respect of the FSA, to requirements of Recommendation 23 regarding the implementation of group-wide AML/CFT policies to foreign branches and subsidiaries, and in respect of the GSC, where the relevant AML/CFT Code, whilst requiring the appointment of a Compliance Officer by licence-holders, did not categorically stipulate it must be an appointment at managerial level.

http://www.tynwald.org.im/business/opqp/opqp/2019-PP-0161.pdf

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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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