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International Monetary Fund
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.
International Monetary Fund

restraining and hostage-taking Sections 60B, 60C, 60D Criminal Code 1872. Robbery or theft Sections 7 ,8,9,10,11,12 Theft Act 1982. Smuggling Sections 47(2) and (3), 69 (2), and 178 Customs and Excise Management Act 1986. Extortion Section 23 Theft Act 1981. Forgery Sections 2, 3, 4 and 5 Forgery Act 1952. Piracy Sections 2 and 4 Piracy Act 1837. Insider trading and market manipulation Section 1 Insider Dealing Act 1998. 140. There is no statutory offense of tax evasion in the IOM, although failure to submit a

International Monetary Fund
The Netherlands has a long-standing legal framework concerning Anti-Money Laundering and Combating the Financing of Terrorism preventive measures, which dates back to 1993. The legal framework for Customer Due Diligence is generally adequate; however, a number of provisions are problematic. The Dutch system of preventive measures emphasizes the risk-based approach, complemented by a principles-based approach. The principles-based approach should be better supported with guidance for financial institutions. Although most elements of the Suspicious Transaction Report reporting requirements are in place, the reporting regime has one minor legal shortcoming and raises effectiveness concerns.
International Monetary Fund

supervisors (H). Develop and implement a regular inspection program for regulated firms under both Acts and require firms to have adequate internal control and risk management policies and procedures (H). Update and harmonize takeover bid rules across the region at the exchange and statutory levels; consider an update of bankruptcy and other commercial legislation. Require timely disclosure by mutual funds, public companies and insiders of public companies; consider raising penalties for statutory offences. Deposit Insurance Scheme Formalize early warning

International Monetary Fund

to the common law duty of client confidentiality. 31. While an assessment of taxation matters is not within the scope of this assessment, it is worth noting that Jersey has been among the pioneers of Tax Information Exchange Agreements (TIEAs). Jersey voluntarily applies measures equivalent to the EU Savings Tax Directive offering the option of using the retention tax approach. While tax evasion is not a separate statutory offense under Jersey law, such conduct could be (and has been) prosecuted as “serious fraud” and as such, constitutes a predicate offense for

International Monetary Fund

Review the existing penalty provisions applicable to banks for non-compliance with supervisory requirements, with a view to empowering the BoL (or the Courts on the application of the BoL) to levy fines on banks, bank directors and bank CEOs, where the fines are proportionate to the seriousness of the offence. CPs 24 and 25 Consider the merit of modifying the existing statutory offence provisions and remedial/penalty provisions in the law, so that they are set out as a hierarchy of measures covering different levels of offence, and where the remedial and

International Monetary Fund
This Technical Note presents a targeted review and a follow-up on the implementation of the recommendations of the 2002 assessment of Lithuania’s compliance with the Basel Core Principles for Effective Banking Supervision. It was found that banking supervision arrangements in Lithuania were of a high standard and either fully or largely complied with the Core Principles. On one Core Principle, Lithuania was judged to be noncompliant at that time, which concerned the lack of explicit legal protection for Bank of Lithuania board members and supervisory staff.
MICHAEL F. ZELDIN

facilitate activity that he or she generally knows to be illegal. It does not require proof that the accused intended to promote a specific statutory offense. Further, the underlying criminal offense intended to be promoted need not have been actually or fully completed. (2) Intent to engage in activity violating certain portions of the Internal Revenue Code, that is, tax evasion and tax fraud. 7 (3) Conducted the transaction knowing (intending) that it was designed in whole or part “to conceal or disguise the nature, location, source, ownership, or control of … the

International Monetary Fund

commenting on investment business management and market practice should it see fit. AML/CFT Framework 49. The authorities have noted the IMF’s recommendations and will continue to enhance the framework to counter money laundering and terrorist financing. 50. The Prevention of Corruption (Bailiwick of Guernsey) Law, 2003, which will introduce a statutory offence of corruption, was approved by the States Assembly in September 2003. Once it has received Royal Assent this law will supersede the existing common law on corruption and will assist the Bailiwick to adopt