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Isle of Man Government
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Isle of Man Government Crest

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Money Laundering and the Financing of Terrorism

Other Initiatives

The Isle of Man Government and the Commission are committed to continually reviewing the Island's legislation and regulations against the recognised international standards of the day. There has been a recent exercise to rewrite the Anti-Money Laundering Code 1998, after taking into consideration factors such as the recently revised FATF 40 Recommendations. This resulted in the Criminal Justice (Money Laundering) Code 2007 being brought onto the statute book in September 2007 and following this the Criminal Justice (Money Laundering) Code 2008.

Changes in legislation, regulatory guidance and procedures are also being influenced by the 2002 IMF inspection of the Island and the resulting report and recommendations from the Inspection Team. This dictated the requirement for a number of changes to be made to the existing regulatory legislation and guidance with respect to money laundering and terrorist financing matters. Part 9 of the Financial Services Rule Book 2008 brought in further requirements for the Commission’s licenceholders on money laundering and terrorist financing. Furthermore, changes in this regulatory legislation have also required a rewrite of the Commission’s guidance in the form of the Anti-Money Laundering and Countering the Financing of Terrorism Handbook issued on 1 August 2008.