An inter-governmental report has been published which praises the Isle of Man in its fight against money-laundering practices. The report, issued last this week by the Offshore Group of Banking Supervisors and the Financial Action Task Force (FATF) applauds the Manx authorities for their successful endeavours in countering money laundering and related criminal activities with a 'robust arsenal' of pro-active initiatives.
The report examined the effectiveness of Manx legislation, regulations and administration activities directed against money laundering. The authors were particularly impressed with plans to strenghten company sector regulations, saying that these enabled the Island to be 'at the forefront of international efforts to prevent the abuse of company structures for criminal purposes.'
Noting the Financial Supervision Commission's (FSC) imminent plans to regulate, license and supervise company formation agents, the report calls the Island's financial regulations 'comprehensive and effective'. It also commends the superior standard of the Island's anti-money laundering code.
The report also welcomes the new financial crime unit which draws on the combined efforts and expertise of the police, customs and regulators with a pro-active enforcement strategy. And financial professionals and institutions on the Island have also been praised by the report - it says that the financial sector has a 'good compliance culture' which allows it to quickly highlight potentially suspicious transactions.
A delighted Treasury Minister, Richard Corkhill, said of the report: 'this is further evidence that the Isle of Man’s arsenal of legislation and procedures are among the tightest in the world. We have strong regulation, strong implementation of the law and the law is as good as, if not better than, most other jurisdictions whether onshore or offshore. Once again, the Isle of Man is leading other jurisdictions in the fight against money laundering.'
Mr Corkhill explains that his government aims to build on its success; as he says: 'the Isle of Man has the skills and resources to compete on any level playing field. Our new e-commerce development programme and our new tax strategy, based on a 10 per cent rate for companies and for our standard income tax will ensure that we continue to combine high growth and low inflation.'
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