MONEYVAL, the Council of Europe’s AML body, has published the AML progress report of the Isle of Man (IoM). The report recognizes the efforts made by the jurisdiction to combat money laundering and terrorist financing since the adoption of its mutual evaluation report in 2016.
In this report, the IoM has received a higher international compliance rating in tipping-off and confidentiality. It has also received a positive compliance rating related to new technologies such as virtual assets. Overall, MONEYVAL has found the IoM to be “fully compliant” for 20 of the 40 FATF recommendations. Meanwhile, there are some minor deficiencies in the IoM’s implementation of 19 other FATF recommendations and major deficiencies for one.
Based on its evaluation, MONEYVAL has decided to keep IoM in its enhanced follow-up process so the jurisdiction can continue to improve its AML/CFT framework.
Source name: Council of Europe