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Isle of Man Enforces FATF Money Laundering Regulations

by Robert Lee, Tax-News.com, London

24 December 2008


The Isle of Man has enacted the Criminal Justice (Money Laundering) Code 2008. The Code was tabled in Isle of Man’s parliament on December 16, and came into force on December 18.

The Criminal Justice (Money Laundering) Code 2008 contains anti-money laundering provisions in line with the Financial Action Task Force’s (FATF) recommendations on money laundering and terrorist financing. This Code now includes provisions with respect to undertaking risk assessments, beneficial ownership and control, enhanced customer due diligence, dealing with politically exposed persons, insurance-specific exceptions from customer due diligence, correspondent banking services, foreign branches and subsidiaries, ongoing monitoring and technological developments.

The Commission’s Anti-Money Laundering and Countering the Financing of Terrorism Handbook will be updated in due course.

The introduction of the Code revokes the Criminal Justice (Money Laundering) Code 2007, the Criminal Justice (Money Laundering) (Amendment) Code 2007 and the Criminal Justice (Money Laundering) (Amendment) Code 2008.


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