Isle of Man distributes information on Anti-Money Laundering
The legislation of the Isle of Man has been updated to ensure that it complies with international standards. The offshore jurisdiction has been distributing manuals that provide businesses advice and information on preventing money laundering to firms in the Isle of Man. The instruction guides that have been distributed offer amendments on the Criminal Justice (Money Laundering) Code 2007.
The new legislation affects firms that dealing in goods which accept cash payments of EUR 15 000 or more (or the equivalent in any currency). Accordingly, manuals have been sent to car dealerships, jewellers, estate agents, auction houses and similar businesses. The anti-money laundering manuals outline the responsibilities of these businesses and provide guidance. They also include registration/questionnaire forms which must be filled out and returned to the Department of Home Affairs by September 26, 2008. The materials included into the manuals are aimed at identifying to what extent businesses registered in the Isle of Man are required to comply with the anti-money laundering legislation.