The Council of Europe called on the Isle of Man on Tuesday 29 November to take “
additional measures
” in the fight against money laundering and the financing of terrorism, judging that the island “
retains moderate shortcomings
”.
In its fourth interim report evaluating the Isle of Man since 2016, Moneyval, the Council of Europe body evaluating anti-money laundering measures, makes two main complaints.
First of all, he points out the absence of an independent audit obligation for non-financial businesses and professions, with the exception of trust and company service providers.
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"Reinforced follow-up"
Moneyval then underlines the absence of obligation, for companies and non-financial groups controlled from the Isle of Man as well as for foreign subsidiaries established on the island, to implement programs to combat money laundering or the financing of terrorism.
Accordingly, Moneyval is calling for “
extended internal control requirements
” in the Isle of Man.
After an “
assessment report
” published in 2016, the Isle of Man had been placed in the “
reinforced monitoring
” procedure by Moneyval.
In its third interim report, from 2020, the organization considered the island to be in full or substantial compliance with 39 of the 40 international recommendations to combat money laundering and terrorist financing.
Like the Channel Islands of Jersey and Guernsey, the Isle of Man does not belong to the United Kingdom but to the British monarchy, and manages its internal affairs in complete autonomy.
