Money laundering law news 04/06/09 Manx parliament to mirror UK anti-money laundering legislation

Tynwald, the Manx parliament, has pushed through an amendment to money laundering law that it hopes will receive royal assent before the summer recess.

Reports from the Isle of Man have indicated that the urgency behind the Terrorism (Finance) Bill 2009 is a response to concerns regarding terrorism, particularly those of the UK. The amended law will grant the authorities greater counter-terrorist finance powers and the ability to issue demands for enhanced reporting, customer due diligence or to impose business-limiting orders.

According to the IBA Anti-Money Laundering Forum, Manx law was already in compliance with the Third EU Money Laundering Directive, but the islands Home Affairs Minister expressed the desire for a rigorous anti-terror regime, saying, As a responsible jurisdiction we are striving to meet developing international standards and to maximise co-operation to prevent financial crime, money laundering and terrorist financing.

Although the Isle of Man maintains its self-governing status, aspects of the amended money laundering law are designed to mirror those of the UKs Counter Terrorism Act 2008.

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