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Consultation on the Anti-Money Laundering (“AML”) and Countering the Financing of Terrorism (“CFT”) Handbook; and 21 September 2007

The AML/CFT regime on the Isle of Man is made up of varying levels of legislation and guidance. The Criminal Justice (Money laundering) Code 2007 (“the Code”) establishes requirements for a wide range of businesses and includes criminal sanctions for non-compliance with those requirements. In order to support the requirements of the Code, the Commission intends to introduce regulatory legislation in 2008 for its licenceholders under the remit of the Financial Services Bill. In addition, the current Anti-Money Laundering Guidance Notes will be replaced with a Handbook which will contain guidance for licenceholders in how they can comply with the new AML/CFT legislation in a risk based environment.

The Commission has instigated a consultation process with the members of the Joint Anti-Money Laundering Advisory Group on both documents and has invited its licenceholders to provide any comments they may have through their representative bodies. Any other interested parties are invited to send their comments direct to Paul Heckles at by 16 November 2007.

The Consultation Documents can be found at:

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