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Isle Of Man Tightens Anti-Money Laundering Legislation

by Jason Gorringe,, London

08 November 2007

Businesses in the Isle of Man which accept cash payments worth EUR15,000 or more will now have to comply with new anti-money laundering legislation in place in the jurisdiction, the Manx government has announced.

The Criminal Justice (Money Laundering) Code 2007 (the ML Code) came into effect on September 1, 2007. The ML Code replaced the previous Anti-Money Laundering Code 1998, and brought in changes to anti-money laundering and counter terrorist financing requirements. In addition, where previous legislation had focused on the financial services sector, the ML Code brought additional businesses within its remit, ensuring that the Isle of Man complies with international standards.

Home Affairs Minister, Martyn Quayle commented:

"Important changes to the legislation mean that any business accepting cash payments equivalent to 15,000 euros or more will have to keep records for a minimum of five years and identify the customer. While banks and the finance sector generally have been used to complying with the legislation for some time, we appreciate the need to publicise the changes to bring it to the attention of businesses including shopkeepers, auctioneers, car dealers and jewellers – for example – who may not realise they must now comply with the Money Laundering Code."

The Home Affairs Department revealed that it is launching a publicity campaign, in partnership with the Financial Supervision Commission (FSC), to ensure that businesses which accept cash payments of 15,000 euros or more are aware of the requirements under the ML Code. All businesses are due to receive a leaflet later this month giving details of the ML Code and its requirements.

The ML Code states the amount in euros in order that Tynwald does not need to amend it each time the currency’s value fluctuates against the pound.

Changes to the ML Code were made in order to bring the Isle of Man in line with international standards.

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