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Isle of Man leads the way in compliance

Following the conclusion of the 61st MONEYVAL Plenary Council meeting, it has been confirmed the Isle of Man is no longer required to report to MONEYVAL on an annual basis.
6th May, 2021

This decision reflects the progress of the Isle of Man Government in developing an excellent technical framework and provides reassurance to industry.

The Isle of Man has been positively marked on 39 out of the 40 Financial Action Task Force (FATF) international standards - which puts the Island amongst a select group of leading nations in the world for technical compliance in Anti-Money Laundering measures.

The Isle of Man is currently in a stage referred to as 'enhanced follow-up' as are many other countries. This will continue to be the case until an on-site review takes place. However, with FATF and MONEYVAL facing a number of challenges this is unlikely to be for some time.

Over the coming years the Island will continue to focus on measures to enhance the prevention, detection and prosecution of money laundering, proactively engaging and promoting cooperation with businesses and international organisations. The Isle of Man will next be required to report to MONEYVAL in three years' time.

This report is taken from Finance Isle of Man's website, read more by clicking here or take a look at ILS World's infographic on Why the Isle of Man.