Anti-Money Laundering and Countering the Financing of Terrorism
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 which the Commission assisted in to amend the Criminal Justice (Money Laundering) Code 2008, after taking into consideration factors such as the recommendations made by the IMF in its 2008 / 2009 Financial Sector Assessment Programme (“FSAP”) evaluation report on the Isle of Man. This resulted in the Proceeds of Crime (Money Laundering) Code 2010 coming into effect in September 2010 and the Prevention of Terrorist Financing Code 2011.
Following the 2008 / 2009 FSAP report on the Isle of Man, the Isle of Man Government established an Anti-Money Laundering Working Group which is responsible for overseeing AML/CFT developments at a high level and at which the Commission is represented. In addition, the Commission chairs an Anti-Money Laundering and Countering the Financing of Terrorism Technical Group. This group is made up of representatives from various government departments and statutory boards and is responsible for progressing the Island’s response to the recommendations made by the IMF. The Technical Group reports into the AML Working Group.
The Commission is one of the three rotating Chairs of the Joint Anti-Money Laundering Advisory Group (“JAMLAG”) which is a group consisting of representatives both from Government and industry bodies set up to facilitate dialogue on AML/CFT matters. This advisory group has been used extensively in the consultation process for AML/CFT legislation such as the Proceeds of Crime (Money Laundering) Code 2010 and the Prevention of Terrorist Financing Code 2011.
The Commission, with the Attorney General’s Chambers and the Financial Crime Unit also participates in meetings held with the authorities of Jersey and Guernsey to discuss AML/CFT matters of mutual interest.