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Strategy unveiled to strengthen the fight against financial crime

Thu, 30 Nov 2023

The Isle of Man Government is reaffirming its commitment to staying at the forefront of the global battle against money laundering, terrorist financing and financing the proliferation of weapons of mass destruction with the release of the Financial Crime Strategy 2024-26.

The document outlines the Island's current standing and recent policy developments, as well as addressing the constantly evolving threats faced by governments worldwide.

Highlighting the tangible impact of financial crime, the document emphasises that it is not victimless. While individual offences may occur discreetly, money laundering facilitates crimes that generate illicit funds, adversely affecting individuals and communities.

To achieve its mission of an all-Island approach to tackling financial crime, the Isle of Man sets out the following aims:

• Public-Private Collaboration: Public sector and industry will work together to meet international standards.
• Best Practices: Actions will be informed and driven by best practices and standards, both domestically and internationally.
• Global Participation: The Island will actively participate in the global fight against financial crime.
• Resource Allocation: All stakeholders will have the necessary resources to identify and respond to ML/TF/PF threats.

These aims will be realised through the pursuit of the following Strategic Objectives:

• International Standards: Continuing to meet the highest international standards, adapting approaches in line with changes or developments.
• Risk-Based Approach: Using a risk-based approach to identify and mitigate risks, coordinating appropriate actions and resources.
• Knowledge Sharing: Proactively sharing and seeking knowledge and expertise to ensure responses are underpinned by best practices.
• Empowered Authorities: Ensuring supervisory authorities are empowered and appropriately resourced to inspect, detect, investigate, and sanction instances of non-compliance.
• Legal Empowerment: Empowering law enforcement and justice systems to detect, investigate, prosecute, and appropriately sentence offenders.
• Threat Understanding: Fully understanding immediate, emerging, and ongoing threats posed by financial crime through comprehensive analysis.
• Vigilance Against Terrorism: Remaining vigilant and responsive to threats arising from terrorist financing and the proliferation of weapons of mass destruction.
• Continuous Improvement: Embedding a cycle of continuous improvement across the Isle of Man to address financial crime.

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