Manx Government to clamp down on money launderers
The Manx government is reviewing laws to crack down on terrorists using the island to launder money.
The amendments, said home affairs, will ensure the Isle of Man’s finance industry “continues to comply with international regulations.”
Minister Juan Watterson said: “It is imperative our legislation continues to be effective in preventing the flow of terrorist funding to our shores.”
A public consultation on the new legislation will run until 31 July.
“We are acutely aware that our position as an international finance centre may make us a target for terrorists laundering their funds,” continued Mr Watterson.
The changes would mean bringing Manx law in line with international standards on money laundering, terrorism funding and tax evasion.