im Isle of Man

New Documents

The Isle of Man Financial Services Authority announced the introduction of a new category within its beneficial ownership database.

The Isle of Man Financial Services Authority issued a notice and request for feedback concerning its oversight approach to certain crypto-asset activities for anti-money laundering and countering terrorist financing purposes.

News

Enforcement Actions

The Isle of Man Financial Services Authority issued a £1,008,337 civil money penalty against the Jersey-based financial institution for violating the Anti-Money Laundering and Countering the Financing of Terrorism Code 2015.

The Isle of Man Financial Services Authority issued a public statement announcing the revocation of Wilton (IOM) Limited’s license to carry out certain regulated activities under the Financial Services Act 2008.


Important Facts

  • The U.S. State Department labels Isle of Man as a jurisdiction of primary concern. The Isle of Man has its own parliament, government and laws, but the United Kingdom remains constitutionally responsible for its defense and international representation because it is a British Crown dependency. Key sectors of the economy include offshore banking, manufacturing and tourism. The government offers incentives to high-technology companies and financial institutions that locate on the island. Its large and sophisticated financial center is potentially vulnerable to money laundering. Most of the illicit funds in the Isle of Man originate from fraud schemes and narcotics trafficking in other jurisdictions, including the United Kingdom. Identity theft and internet abuse are growing segments of financial crime activity.
  • KYC Covered Entities: Banks; building societies; credit issuers; financial leasing companies; money exchanges and remitters; issuers of checks, traveler’s checks, money orders, electronic money, or payment cards; guarantors; securities and commodities futures brokers; portfolio, and asset managers; estate agents; auditors, accountants, tax advisors, lawyers, and notaries; insurance companies and intermediaries; payroll agents; casinos and bookmakers; high-value goods dealers and auctioneers; safe custody facilities for cash or liquid securities
  • STR Covered Entities: All businesses
  • Enhanced Due Diligence Procedures for PEPs: Foreign: Yes; Domestic: Yes
  • Money Laundering Criminal Prosecutions/Convictions: Prosecutions: 4 (2014); Convictions: 3 (2014)
-Source: 2016 International Narcotics Control Strategy Report(INCSR)

Rankings

FATF i | 2013 Methodology

Technical Effectiveness
Compliant : 20 High : 0
Largely Compliant : 19 Substantial : 2
Partially Compliant : 1 Moderate : 6
Non-Compliant : 0 Low : 3

Isle of Man's technical compliance was re-rated in a follow-up report on Oct. 23, 2020.

BASEL i

Rank : N/A
Score : N/A

TRANSPARENCY INTERNATIONAL i

Rank : N/A
Score : N/A

Tax Justice Network i

Rank : 43/133
Score : 65/100