IoM Releases Guidance On CTF Code 2011

by Jason Gorringe, Tax-News.com, London

25 August 2011

The Isle of Man Insurance and Pensions Authority has produced guidance on the Prevention of Terrorist Financing Code 2011, published by the Isle of Man government, to assist regulated entities in the understanding of its requirements.

The purpose of the guidance is to set out the IPA’s expectations where a regulated entity assesses that an applicant for business may pose a higher risk of being involved in the financing of terrorism.

The Prevention of Terrorist Financing Code 2011 (the CTF Code) is issued by the Department of Home Affairs under the provisions of the Terrorism (Finance) Act 2009. It sets out the minimum standards required of relevant businesses (as defined by the Code) in the island, including all entities regulated by the IPA, to reduce the risk of money sourced from business activities in the island being used for terrorist financing activities.

The CFT Code contains similar provisions to those set out in the Proceeds of Crime (Money Laundering) Code 2010, which sets out the minimum standards required of all entities including those regulated by the IPA in relation to reducing the risk of a relevant business being used to launder the proceeds of crime.

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