Compliance fine, investigations need work
The Isle of Man needs to improve its capabilities when it comes to tackling money laundering and the financing of terrorism.
Those are the findings of a Council of Europe body - MONEYVAL - which has published its fifth report on the Island.
It is more thorough and demanding than previous ones, and was carried out by MONEYVAL inspectors in April and May last year.
The Isle of Man is one of the first small international financial centres to go through this process.
While compliance with legislation and policies is recognised, areas of improvement have been identified.
These include financial intelligence gathering and investigations.
The Manx government says its own National Strategy initiative has already identified these areas, leading to the creation of an independent Financial Intelligence Unit and the Asset Recovery Unit.
The Isle of Man will be reporting back to MONEYVAL in 12 months' time, to show improvements are being made.
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