More than £3 million frozen on suspicion of money laundering

FIU releases 16/17 report

More than £3 million in funds were frozen on the Island by law enforcement agencies between 2016-17, after suspicions of money-laundering.

The figure has been revealed in the Financial Intelligence Unit's annual report for that year, which will go before Tynwald this month.  

It comes after the body's first full year of operation - it was established in April 2016 to gather and share intelligence on financial crime.

The report details the amounts of money frozen on suspicion of illegal transactions between 2016-17, information on how many 'suspicious activity reports' were submitted and from what sectors.

There were 1,567 such reports, 14 per cent less than the previous year, which is believed to be down to more accurate reporting, and industry engagement.

More than half of these came from the banking sector, with e-gaming and trust and corporate service providers contributing a third of reports.

Most of the suspected activity was believed to be money laundering, and tax evasion, with most of the subjects resident in the UK, with other majors areas being the Isle of Man, Russia and Brazil.

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