-related offences are, in a formal sense, comprehensive, dissuasive, and proportionate, the sentences actually imposed by the courts appear rather low. At the time of the assessment, the IOM reported no convictions for autonomous money laundering with few domestic investigations or prosecutions. Financing of terrorism (FT) is criminalized under IOMlaw but the definition of the offence needs to be broadened. There were no convictions for FT-related offences.
8. Although a few deficiencies are identified in this report, the IOM’s legal framework underpinning the seizure and
The Isle of Man (IOM) is recognized for the expertise developed in a range of international financial products. The paper also presents a Detailed Assessment of Observance of Antimoney laundering/Combating Financing of Terrorism (AML/CFT) report on the IOM. The IOM authorities are placing increasing emphasis on international cooperation, including working closely with the relevant Organization for Economic Co-operation and Development initiative and entering into tax information exchange agreements.
.8 percent, continuing some quarter of a century of unbroken growth. Financial services is the single largest component of GDP, accounting for 36 percent. The IOM has a working population of around 43,000 and a current unemployment rate of 1.3 percent.
62. The IOM has its own legal system and jurisprudence. English law is not directly of application in general, but the IOM legal system is based on the principles of English common law which are shared by many Commonwealth countries. IOMlaw is accordingly very similar to English law in areas such as crime, contract, tort
inherent challenges in relation to CDD. The Department of Home Affairs (DHA) has overall AML/CFT responsibility for the remaining DNFBPs and was at an advanced stage of developing appropriate measures for DNFBPs to supplement requirements in place for TSPs, CSPs, and most lawyers.
102. The company registration system is well developed and operates within the structures of the FSC. Trusts have long been recognized under the IOMlaw, but are not subject to a registration system.
103. As a British Crown Dependency, the IOM is not empowered to sign or ratify
This paper presents the Financial System Stability Assessment Report on the Isle of Man (IOM). Financial sector regulation and supervision are generally of a high standard, and supervisory efforts are concentrated in those areas most relevant to the activities of financial institutions on the IOM. The Financial Supervision Commission (FSC) faces a conundrum because the major banks are subsidiaries of large international financial groups, to which they provide financing. The FSC is reconsidering to balance prudential requirements for liquidity and exposure to related parties against business needs that entail high exposures to the parent.