A team from MONEYVAL arrived in the island yesterday to begin the long process of assessing the Isle of Man.
MONEYVAL is a permanent monitoring body of the Council of Europe that assesses a country’s compliance with international standards set by the Financial Action Task Force (FATF) in relation to money laundering, terrorist financing and the financing of proliferation.
Earlier this year it was revealed the government had spent millions of pounds in preparation for the visit, the result of which can have a huge impact on the island’s international standing.
The team arrived on September 28 and is due to spend the next fortnight here. This constitutes the official start of the on-site evaluation of the Isle of Man’s compliance with international standards.
A government spokesperson said: “The visit forms part of MONEYVAL’s assessment of the Island’s arrangements to prevent and combat money laundering, terrorist financing and proliferation financing.
“The assessment team will conduct interviews and meetings with representatives from government, law enforcement, regulators and industry over the coming two weeks.”
The evaluation is not due to conclude until June next year.
