AML/CFT Framework

Closed 27 Mar 2019

Opened 13 Feb 2019

Results expected 1 Jun 2019

Feedback Updated 15 Oct 2019

We Asked

In conjunction with the Department of Home Affairs and the Isle of Man Treasury, we asked for views on the proposed changes to the Island’s AML/CFT Framework.

You Said

Responses were received from 29 parties, which included comments across all the documents in the consultation. The responses received were broadly supportive of the update to the framework and respondents understood the rationale behind the update.

We Did

After considering the responses, we made some changes to the legislation. These are detailed in the consultation response document. The new legislation came into operation in 2019.

Overview

The consultation sets out the proposed changes to the Island’s AML/CFT framework. The documents being consulted on are:

  • the Anti-Money Laundering and Countering the Financing of Terrorism Code 2019;
  • section 157 of the Proceeds of Crime Act 2008 and section 68 of Terrorism and Other Crime (Financial Restrictions) Act 2014;
  • the Anti-Money Laundering and Countering the Financing of Terrorism (Civil Penalties) Regulations 2019;
  • Schedule 4 to the Proceeds of Crime Act 2008; and
  • Schedule 1 to the Designated Businesses (Registration and Oversight) Act 2015.

Why We Are Consulting

The purpose of this consultation is to seek views on the proposed changes to the Island’s AML/CFT framework.

Areas

  • All Areas

Audiences

  • All residents

Interests

  • Legislation
  • Policies, strategies & plans
  • Finance