IoM Firms Alerted To Anti-Terror Law

by Jason Gorringe, Tax-News.com, London

01 August 2011

The Insurance and Pensions Authority of the Isle of Man has alerted licenceholders to the recently-approved Prevention of Terrorism Financing Code 2011, which was adopted by the island's legislative assembly, the Tynwald in July 2011, and comes into force on September 1, 2011.

IPA licenceholders will be aware of the Proceeds of Crime (Money Laundering) Code 2010 which sets out the minimum standards required of them in relation to reducing the risk of relevant business (as defined) being used to launder the proceeds of crime.

With similar provisions to the Proceeds of Crime (Money Laundering) Code 2010, the latest Prevention of Terrorism Financing Code sets out the minimum standards required of relevant businesses in the island, including all entities licenced by the IPA, to reduce the risk of money sourced from business activities in the island being used to finance terrorist activity.

The IPA has made available a copy of the Code, and reminded licenceholders that further information on Anti-Money Laundering and Countering the Terrorism Financing legislation applicable to all IPA licenceholders is available online.

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