Work underway to update Island's approach to financial crime

National Risk Assessment due to be updated early next year

Work is underway to ensure the Island's financial sector can combat money laundering and terrorist financing.

The National Risk Assessment, which was put in place to protect the Island from financial crime and make sure it complies with international standards, is due to be updated early next year.

The Isle of Man Financial Services Authority is urging Manx businesses to work with government agencies over the coming months to support the update to the assessment.

The regulator is already working with the banking sector as it works on updating the framework, which was first introduced in 2015.

Since 2016, the FSA says the Island has strengthened its response to money laundering, terrorist financing and proliferation financing, and that this process is part of its continuing monitoring of these issues to ensure the Island stays alert to emerging trends and risks.

Chief Minister Alfred Cannan says the Isle of Man has a responsibility to identify the threats posed by money laundering, terrorist financing and proliferation financing, and must maintain the Island's reputation as an "excellent place to do business".

He adds: "Meeting international standards remains a priority for the government and it is essential that everyone works together in the best interests of the Isle of Man."

It's currently forecast that the updated assessment will be adopted in April next year.