Seminar Aims To Raise Awareness Of Anti-Money Laundering Laws In IoM

by Carla Johnson, Investors Offshore.com, London

05 June 2008

A seminar to highlight the Isle of Man’s new anti-money laundering laws is being held at the Manx Museum later this month, it was announced on Monday.

The Financial Supervision Commission (FSC) is hosting the event, which gets under way on 26th June. The Criminal Justice (Money Laundering) Code 2007 replaced the previous Anti-Money Laundering Code 1998, and affects many additional local businesses.

The legislation has been introduced to ensure that the Isle of Man complies with international standards and plays its part in the worldwide fight against crime and terrorism.

The main thrust of the new law is that it extends to any business dealing in goods which accepts cash payments of EUR15,000 or more – or the equivalent in any currency including sterling.

Consequently, individuals working in businesses such as car dealerships, jewellers and auction houses are being urged to attend the free seminar.

FSC officials will provide detailed information about the ML Code, and will offer guidance on the new requirements.

The seminar is part of an ongoing publicity campaign being co-ordinated by the Department of Home Affairs, in conjunction with the FSC and Isle of Man Customs and Excise.

Thousands of information leaflets outlining the anti-money laundering legislation have already been distributed, and more will be made available over the coming months.

Minister for Home Affairs, Martyn Quayle, commented that:

"It is crucial that Island businesses are aware of their responsibilities. Those in the finance sector have been required to comply with anti-money laundering legislation for some time, but recent changes mean that many more businesses are affected. Therefore, I would urge as many local business people as possible to attend the seminar to ensure they are fully conversant with the provisions of the code."

Paul Heckles, Head of Enforcement at the FSC, added:

"The important message is that anybody dealing in goods who accepts cash payments of EUR15,000 or equivalent will be subject to this law and failing to comply is a serious criminal offence."

He concluded: "The Money Laundering Code does not apply to businesses dealing in goods when accepting payments through other traceable means such as cheques or credit cards. This latest seminar is a follow up to a similar event we hosted in December last year and is designed to raise awareness of people’s obligations and provide practical help and guidance to those who need it."

Recommended