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Isle of Man’s Chief Minister reaffirms the Island’s commitment to upholding international regulatory standards

For some years the Isle of Man has been at the forefront of small countries upholding international regulatory standards in the fight against financial crime.

A number of external authorities, including the International Monetary Fund, have confirmed the Island’s high level of compliance with global measures against money laundering and terrorist financing, and that it co-operates fully with its international partners.

The Isle of Man has also been one of the leading jurisdictions supporting the development of worldwide standards in respect of transparency and exchange of information relating to tax matters.

The Isle of Man Government’s commitment to combating money laundering and the financing of terrorism reflects the Island’s position as a reputable centre for international financial services. As a jurisdiction dedicated to attracting quality, legitimate business the Isle of Man has an economic as well as an ethical interest in preventing its finance sector and reputation from being undermined by criminals.

The Isle of Man is proud of the part it has played in helping the international community to protect global financial systems from those who would wish to abuse them to launder money or finance terrorist activities.

However, it must be recognised that international standards have moved forward since the Island’s compliance with them was last assessed, and they will continue to evolve and change. If the Isle of Man Government is to promote economic growth in the future it cannot afford for the Island’s reputation to be damaged by falling behind the developing standards.

The Island must be proactive in assessing and responding to these issues.

The Isle of Man Government is therefore committed to continuing to further strengthen its compliance with the international standards against financial crime, including the standards set out in the Recommendations of the Financial Action Task Force (FATF).

Hon A R Bell MHK, Chief Minister

To read the full document please use the following link:

http://www.gov.im/lib/docs/cso/amlcommitment.pdf

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