Government has spent several million pounds preparing for and responding to MoneyVAL requirements in recent years, according to figures released in a written answer.
The data, published in response to a question from Onchan MHK Julie Edge, lists every approved business case submitted to Treasury’s internal funds since 2021/22.
It shows a series of substantial bids linked to AML/CFT (Anti-Money Laundering and Countering the Financing of Terrorism) work, MoneyVAL preparation, and follow‑up risk assessments, spread across multiple departments.
Major MoneyVAL‑related approvals include:
- £1,662,117 – AML/CFT MoneyVAL Evaluation Preparation (2023/24, partially approved)
- £273,949 – CABO element of Joint AML/FT Funding Bid (2023/24, partially approved)
- £194,217 – AGC element of Joint AML/FT Funding Bid (2023/24, partially approved)
- £114,000 – MoneyVAL – ICART (2023/24)
- £358,000 – MoneyVAL Risk Assessments and Data Collection (2024/25)
- £36,173 – LTA SEO to support delivery of the National Risk Assessment (2023/24)
- £55,000 – Virtual Asset Service Providers and Virtual Asset Risk Assessments (2025/26)
- £258,699 – Diagnostic analysis of the island’s AML/CFT framework against FATF standards (2022/23)
Taken together, the approvals show that MoneyVAL‑related work has cost £2,952,155 in the past three financial years alone.
The full written answer can be found here.
