The government of the Isle of Man – an important international banking centre – has released an updated policy to combat money laundering and terrorist financing.
The financial crime strategy 2021-23 lays out three key objectives:
- Focus on new and existing money-laundering threats;
- Focus on knowledge and development of skills to combat identified threats; and
- Maintain a high-level of compliance with the Financial Action Task Force (FATF) to tackle money laundering.
“In recent years, the Isle of Man has introduced a large number of measures to strengthen our legislative framework against money laundering and terrorist financing,” chief minister Howard Quayle was quoted as saying by the Isle of Man Today newspaper. “These have been underpinned by significant investment in financial intelligence, law enforcement and asset recovery.”
He added: “Taking the profit out of crime is a fundamental objective. The Isle of Man has increasing success in this area and in a number of cases has been able to assist other jurisdictions in returning assets to the victims of financial crime.”
Ongoing actions undertaking detailed analysis of data available on money laundering and terrorist financing; prosecuting cases of money laundering and terrorist financing and confiscating the proceeds of crime; and identifying, investing in and implementing specialist training to support intelligence gathering, analysis, investigation, prosecution and asset recovery.