IoM Businesses Alerted To New AML Code

by Robert Lee, Tax-News.com, London

23 August 2010

The Isle of Man's Department of Home Affairs has written to businesses in the island informing them of new legislation relating to anti-money laundering that is due to come into force next month.

The letter seeks to alert all designated non-financial businesses and professionals operating from the island that new legislation, the Proceeds of Crime (Money Laundering) Code 2010 is to enter into force on September 1, 2010.

Commenting, Home Affairs Minister, Adrian Earnshaw said: "The purpose of writing to this sector of the business community is twofold. Firstly it enables the Department to remind people of their responsibilities under anti-money laundering legislation, which was first introduced in September 2007, and secondly it informs those who are required to comply where they can access details of the new Code, [on the government's website].”

Explaining the ramifications of the code, Earnshaw added: “Although most of these businesses will be unaffected, there may be a few that accept cash payments of the equivalent of EUR15,000 or more that will be required to comply with the new AML Code. Compliance with AML laws is essential in ensuring the island is protected from people who would use the Isle of Man for laundering of funds for criminal or terrorist related purposes, and help us maintain the island’s international reputation.”

The island’s Financial Services Commission has also sought to notify concerned entities that the Anti-Money Laundering and Countering the Financing of Terrorism Handbook has been updated to incorporate new guidance on the new Code. In addition, amendments have been made to take into account some of the recommendations by the International Monetary Fund in their evaluation of the Isle of Man, the Commission said.

Recommended