Europe to review Island's anti-money laundering measures

The Isle of Man’s anti-money laundering regime is to be inspected on behalf of the Council of Europe next year.

The Manx government, along with Jersey and Guernsey, requested the review which will mean the Island falls under the same inspection regime as other countries.

In October, the Council voted to send its Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism – known as MONEYVAL - to carry out a review of the Isle of Man, Jersey and Guernsey.

It’s not yet known how long the review will take or what inspectors will be looking at specifically.

But in the motion passed by Euopean foreign affairs ministers, it says the Isle of Man will be expected to pay for at least some of the costs of the review.