|
Sanctions:
None applicable
____________________________________________________
Offshore Jurisdiction Blacklists:
As a recognised offshore finance jurisdiction this country may fall
under various country offshore jurisdiction blacklists.
____________________________________________________
US State Department Money Laundering Report - 2012:
Isle of Man (IOM) is a British crown dependency, and while it has
its own parliament, government, and laws, the United Kingdom
(UK) remains constitutionally responsible for its defense and
international representation. Offshore banking, manufacturing,
and tourism are key sectors of the economy, and the government
offers incentives to high-technology companies and financial
institutions to locate on the island. Its large and sophisticated
financial center is potentially vulnerable to money laundering.
Most of the illicit funds in the IOM are from fraud schemes and
narcotics trafficking in other jurisdictions, including the UK. Identity
theft and Internet abuse are growing segments of financial crime
activity.
Do Financial Institutions engage in currency transactions related
to international narcotics trafficking that include significant
amounts of US currency; currency derived from illegal sales in the
U.S.; or that otherwise significantly affect the U.S.: No
Criminalization of Money Laundering:
“All serious crimes” approach or “list” approach to predicate
crimes: All serious crimes
Legal persons covered: criminally: YES civilly: YES
Know-your-customer (KYC) rules:
Enhanced due diligence procedures for PEPs: Foreign: YES
Domestic: YES
KYC covered entities: Banks; building societies; credit issuers;
financial leasing companies; money exchanges and remitters;
issuers of checks, traveler’s checks, money orders, electronic
money, or payment cards; guarantors; securities and commodities
futures brokers; safekeeping, portfolio and asset managers;
estate agents; auditors, accountants, lawyers and notaries;
insurance companies and intermediaries; casinos and
bookmakers; high-value goods dealers and auctioneers
Suspicious Transaction Reporting (STR) Requirements:
Number of STRs received and time frame: 1,435 in 2010
Number of CTRs received and time frame: Not applicable
STR covered entities: All businesses
Money Laundering Criminal Prosecutions/Convictions:
Prosecutions: 15 in 2010
Convictions: 13 in 2010
Records exchange mechanism:
With U.S.: MLAT: YES Other mechanism: YES
With other governments/jurisdictions: YES
Compliance with international standards was evaluated in a report
prepared by the International Monetary Fund’s Financial Sector
Assessment Program. The report can be found here: http://www.
imf.org/external/pubs/ft/scr/2009/cr09275.pdf
Enforcement and implementation issues and comments:
IOM legislation provides powers to constables, including customs
officers, to investigate whether a person has benefited from any
criminal conduct. These powers allow information to be obtained
about that person’s financial affairs. These powers can be used to
assist in criminal investigations abroad as well as in the IOM. In
2003, the U.S. and the UK agreed to extend to the IOM the U.S.-
UK Treaty on Mutual Legal Assistance in Criminal Matters.
The Terrorism (Finance) Act 2009 allows the IOM authorities to
compile their own list of suspects subject to sanctions when
appropriate.
IOM is a Crown Dependency and cannot sign or ratify
international conventions in its own right unless entrusted to do
so. Rather, the UK is responsible for IOM’s international affairs
and, at IOM’s request, may arrange for the ratification of any
convention to be extended to the Isle of Man. The UK’s ratification
of the 1988 UN Drug Convention was extended to include IOM on
December 2, 1993; its ratification of the UN Convention against
Corruption was extended to include the IOM on November 9,
2009; and its ratification of the International Convention for the
Suppression of the Financing of Terrorism was extended to IOM
on September 25, 2008. The UK has not extended the UN
Convention against Transnational Organized Crime to the IOM.
____________________________________________________
US State Dept Narcotics Report 2011 (introduction):
No report available
US State Dept Trafficking in Persons Report 2011
(introduction):
No report available
US State Dept Terrorism Report 2009
No report available
None applicable
____________________________________________________
Offshore Jurisdiction Blacklists:
As a recognised offshore finance jurisdiction this country may fall
under various country offshore jurisdiction blacklists.
____________________________________________________
US State Department Money Laundering Report - 2012:
Isle of Man (IOM) is a British crown dependency, and while it has
its own parliament, government, and laws, the United Kingdom
(UK) remains constitutionally responsible for its defense and
international representation. Offshore banking, manufacturing,
and tourism are key sectors of the economy, and the government
offers incentives to high-technology companies and financial
institutions to locate on the island. Its large and sophisticated
financial center is potentially vulnerable to money laundering.
Most of the illicit funds in the IOM are from fraud schemes and
narcotics trafficking in other jurisdictions, including the UK. Identity
theft and Internet abuse are growing segments of financial crime
activity.
Do Financial Institutions engage in currency transactions related
to international narcotics trafficking that include significant
amounts of US currency; currency derived from illegal sales in the
U.S.; or that otherwise significantly affect the U.S.: No
Criminalization of Money Laundering:
“All serious crimes” approach or “list” approach to predicate
crimes: All serious crimes
Legal persons covered: criminally: YES civilly: YES
Know-your-customer (KYC) rules:
Enhanced due diligence procedures for PEPs: Foreign: YES
Domestic: YES
KYC covered entities: Banks; building societies; credit issuers;
financial leasing companies; money exchanges and remitters;
issuers of checks, traveler’s checks, money orders, electronic
money, or payment cards; guarantors; securities and commodities
futures brokers; safekeeping, portfolio and asset managers;
estate agents; auditors, accountants, lawyers and notaries;
insurance companies and intermediaries; casinos and
bookmakers; high-value goods dealers and auctioneers
Suspicious Transaction Reporting (STR) Requirements:
Number of STRs received and time frame: 1,435 in 2010
Number of CTRs received and time frame: Not applicable
STR covered entities: All businesses
Money Laundering Criminal Prosecutions/Convictions:
Prosecutions: 15 in 2010
Convictions: 13 in 2010
Records exchange mechanism:
With U.S.: MLAT: YES Other mechanism: YES
With other governments/jurisdictions: YES
Compliance with international standards was evaluated in a report
prepared by the International Monetary Fund’s Financial Sector
Assessment Program. The report can be found here: http://www.
imf.org/external/pubs/ft/scr/2009/cr09275.pdf
Enforcement and implementation issues and comments:
IOM legislation provides powers to constables, including customs
officers, to investigate whether a person has benefited from any
criminal conduct. These powers allow information to be obtained
about that person’s financial affairs. These powers can be used to
assist in criminal investigations abroad as well as in the IOM. In
2003, the U.S. and the UK agreed to extend to the IOM the U.S.-
UK Treaty on Mutual Legal Assistance in Criminal Matters.
The Terrorism (Finance) Act 2009 allows the IOM authorities to
compile their own list of suspects subject to sanctions when
appropriate.
IOM is a Crown Dependency and cannot sign or ratify
international conventions in its own right unless entrusted to do
so. Rather, the UK is responsible for IOM’s international affairs
and, at IOM’s request, may arrange for the ratification of any
convention to be extended to the Isle of Man. The UK’s ratification
of the 1988 UN Drug Convention was extended to include IOM on
December 2, 1993; its ratification of the UN Convention against
Corruption was extended to include the IOM on November 9,
2009; and its ratification of the International Convention for the
Suppression of the Financing of Terrorism was extended to IOM
on September 25, 2008. The UK has not extended the UN
Convention against Transnational Organized Crime to the IOM.
____________________________________________________
US State Dept Narcotics Report 2011 (introduction):
No report available
US State Dept Trafficking in Persons Report 2011
(introduction):
No report available
US State Dept Terrorism Report 2009
No report available
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*Please note that FATF deems that a country has significant aml deficiencies if any
of the 'Core' Recommendations, R1, R5, R10, R13, SRII, or SRIV are rated either
Partially of Non-Compliant. These are marked in red.
For FATF to remove a country from the regular follow-up process, it has to be rated
Compliant or Largely Compliant in the above mentioned Core Recommendations
and the following Key Recommendations: -
R3, R4, R23, R26, R35, R36, R40, SRI, SRIII, SRV
Please also note that any risk assessment should take into consideration all
follow-up reports.
of the 'Core' Recommendations, R1, R5, R10, R13, SRII, or SRIV are rated either
Partially of Non-Compliant. These are marked in red.
For FATF to remove a country from the regular follow-up process, it has to be rated
Compliant or Largely Compliant in the above mentioned Core Recommendations
and the following Key Recommendations: -
R3, R4, R23, R26, R35, R36, R40, SRI, SRIII, SRV
Please also note that any risk assessment should take into consideration all
follow-up reports.
| ISLE OF MAN |
| KnowYourCountry |
|
_________________________________________________________
AML News / Relevant Info
June 26, 2011 - New report by the Global Forum on Transparency and
Exchange of Information to evaluate the country's legal and regulatory
frameworks and implementation re exchange of information is made
available.
Read Report
Links:
Worldwide AML Legislation (International Bar Association)
AML News / Relevant Info
June 26, 2011 - New report by the Global Forum on Transparency and
Exchange of Information to evaluate the country's legal and regulatory
frameworks and implementation re exchange of information is made
available.
Read Report
Links:
Worldwide AML Legislation (International Bar Association)
|
| Last Updated: 16 April 2012 |