On 4 May, Finance Isle of Man (a Government agency) reported that the recent 61st MONEYVAL Plenary Council meeting confirmed that the Isle of Man is no longer required to report to MONEYVAL on an annual basis. This decision is said to reflect the progress of the Isle of Man in developing its technical framework and provides reassurance to industry on the island. However, it does admit that the Isle of Man is currently remains in the ‘enhanced follow-up’ process, as are many other countries, and that this will continue to be the case until a further on-site review takes place.
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