The Department of Home Affairs has launched a public consultation on revised measures to protect the Isle of Man against financial crime.
 
Feedback is being invited on an updated Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) Code.
 
The proposals are aimed at maintaining the Isle of Man’s strong track record of compliance with international regulatory standards, while supporting the needs of the local business community.
 
The consultation, which runs until Thursday 29 January, follows a previous consultation in 2014 and engagement with representatives of the financial services industry by the Financial Supervision Commission.
 
Home Affairs Minister Juan Watterson MHK said: ‘The Isle of Man’s commitment to combating money laundering and the financing of terrorism reflects our status as a reputable centre for international financial services. We have a duty to prevent that reputation from being undermined by criminals.’
 
He added: ‘We have listened to the comments provided by the Island’s business community during our initial consultation last year and sought to balance those against the need for updated AML/CFT regulations. As such, we have come back with revisions that we hope will address many of these concerns. Our aim is to put in place a regime that is robust, proportionate and in line with evolving international standards.’
 
Subject to feedback received during the public consultation, it is intended to introduce the revised regulations at the earliest opportunity to provide certainty and clarity for businesses.
 
The consultation document regarding the AML/CFT Code is available to view at http://www.gov.im/ConsultationDetail.gov?id=483
 
Comments can be submitted in writing to the Department of Home Affairs, Homefield, 88 Woodbourne Road, Douglas, IM2 3AP, or by e-mailing dhaconsultation@gov.im.
 
The deadline for submissions is 5pm on 29 January 2015.