The Isle of Man has underlined its commitment to keeping pace with evolving international standards by consolidating its codes of practice relating to money laundering and terrorist financing.
Tynwald recently supported a move by the Department of Home Affairs to unify the relevant codes governing the main financial services sector and online gambling.
The codes provide legal guidance to help businesses comply with requirements in respect of anti money laundering and combating the financing of terrorism, through measures such as due diligence, monitoring, record keeping and staff training.
The changes form a small but important part of the ongoing drive to maintain the Isle of Man’s reputation as a well-regulated international business centre.
Representatives of the Island’s financial services industry were consulted during the preparation of the combined codes via the Joint Anti Money Laundering Group.
Copies of the codes were also placed on the Department of Home Affairs and Financial Supervision Commission websites from late October 2012 to the end of January 2013.
Home Affairs Minister Juan Watterson MHK said: ‘International standards are continually evolving with regard to preventing and reporting money laundering and terrorist financing. As a responsible nation the Isle of Man is committed to playing a leading role in the fight against illicit finance. The simple improvements we have implemented will result in a reduction from the current four codes to a single code each for the main regulated sector and online gambling.’
The Minister added: ‘The nature of this fast moving environment means that further revisions will be required in future, and we will continue to consult with representatives of the financial services industry to ensure the Island remains at the forefront of global standards.’