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IoM Amends AML/CTF Handbook

by Jason Gorringe,, London

30 December 2011

The Isle of Man's Financial Supervision Commission has announced amendments to the territory's Anti-Money Laundering and Countering the Financing of Terrorism handbook.

Among changes in the amended version, a concession allowing source of funds to be used as a verification of identity and revisions has been revoked and other concessions have been revised on the recommendation of the International Monetary fund from its assessment of the Isle of Man's regime.

In addition, the AML/CFT Handbook has been amended throughout to provide greater clarity on the treatment of foundations for customer due diligence purposes in light of the Foundations Act 2011, which permitted the creation of the foundation trust form following Royal Assent received in November 2011.

TAGS: money-laundering | Isle of Man | tax | investment | business | law | trusts | international financial centres (IFC) | International Monetary Fund (IMF) | enforcement | offshore | legislation | offshore trusts | regulation | penalties | alternative investment

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