Isle of Man News - POSTED Thu 21-06-2018

Island aims to strengthen reputation with new legislation

by TH

Island aims to strengthen reputation with new legislation

New legislation which aims to strengthen the Island’s reputation as a well-regulated business centre is now in place.

Royal Assent has been given to the Anti Money Laundering and Other Financial Crime Act 2018.

The new measures build on the existing track record of compliance with global standards on anti-money laundering and countering the finance of terrorism.

The ACT also responds the recommendations made by MONEYVAL.

Chief Minister Howard Quayle says: "The Isle of Man takes its responsibilities as an international business centre very seriously.

"We maintain a zero-tolerance stance in respect of money laundering and the financing of terrorism.

"The Isle of Man has a reputation for delivering on its international commitments and the Act underlines our desire to be part of the solution to tackling serious and organised financial crime."

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