ISLE OF MAN TO REMAIN ON ‘ENHANCED FOLLOW-UP’ AS MONEYVAL AML/CFT REPORT FINDS CONTINUED DEFICIENCIES

On 29 November, AML Intelligence reported that the Isle of Man will remain under the group’s enhanced follow-up procedure and is expected to report back in 3 years’ time.  This comes after a fourth follow-up report on the Isle of Man, following an AML/CFT mutual evaluation report that was adopted in December 2016.  According to MONEYVAL, the Isle of Man retained moderate deficiencies implementing just 1 recommendation – FATF Recommendation 23 – with which the Isle of Man was only “partially compliant”.  The report also notes that the Isle of Man’s fifth round MER was adopted in December 2016 and, in line with the rules it was expected that the Isle of Man address most, if not all, of its technical compliance deficiencies by December 2019.  As it has done so, the length of follow-up reporting intervals was increased.

https://www.amlintelligence.com/2022/11/news-isle-of-man-to-remain-on-enhanced-follow-up-as-moneyval-report-finds-continued-deficiencies/

https://www.coe.int/en/web/moneyval/-/isle-of-man-required-to-take-further-steps-against-money-laundering-and-terrorist-financing

https://rm.coe.int/moneyval-2022-13-fur-iom/1680a93100

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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