MONEYVAL evaluation into its second week

Island's financial legislation and policies being evaluated 

An independent evaluation process that will shape the Isle of Man’s reputation as a credible, well-regulated international finance centre is now into its second week.

The latest MONEYVAL inspection is assessing whether the Island’s legislation, policies and procedures continue to meet prevailing international standards. 

The process is expected to last a further two weeks.

Multiple government agencies and the private sector have been working in tandem for many months preparing for what is one of the most important landmark events affecting the Island's status as an international business centre.

MONEYVAL will judge the Island's armoury of measures in place to combat crime such as money laundering, terrorist and proliferation financing, drug trafficking and cyber fraud - against the global standards promoted by the Financial Action Task Force.

The FATF leads global action to tackle money laundering, terrorist and proliferation financing.