MONEYVAL: 'Actions louder than words'

Commissioner calls for an independent inquiry

A long-standing local authority member is calling for an independent inquiry into Island regulators in the wake of the MONEYVAL report.

Its findings praise the Island’s legal system and significant reforms to its regulatory framework.

But it raises concern over the absence of data on beneficial ownership, stressing it's hard to know whether money leaving the island is being used to fund terrorism or money laundering.

It also calls for improved financial intelligence gathering.

Braddan commissioner Andrew Jessopp claims local regulators buried their heads in the sand and weren't doing their jobs effectively.

He says actions speak louder than words.