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Changes to anti-money laundering legislation affect all businesses 5 November 2007

BUSINESSES which accept cash payments worth 15,000 euros or more will have to comply with new anti-money laundering legislation.

The Criminal Justice (Money Laundering) Code 2007 – the ML Code – came into effect on September 1, 2007 and was laid before Tynwald in October. The ML Code replaced the previous Anti-Money Laundering Code 1998 and brought in changes to anti-money laundering and counter terrorist financing requirements. In addition, where previous legislation had focused on the financial services sector, the ML Code brought additional businesses within its remit, ensuring the Isle of Man complies with international standards.

Home Affairs Minister Martyn Quayle commented:

‘Important changes to the legislation mean that any business accepting cash payments equivalent to 15,000 euros or more will have to keep records for a minimum of five years and identify the customer. While banks and the finance sector generally have been used to complying with the legislation for some time, we appreciate the need to publicise the changes to bring it to the attention of businesses including shopkeepers, auctioneers, car dealers and jewellers – for example – who may not realise they must now comply with the Money Laundering Code.’

The Department is now launching a publicity campaign, in partnership with the Financial Supervision Commission (FSC) to ensure businesses which accept cash payments of 15,000 euros or more are aware of the requirements under the ML Code. All businesses will receive a leaflet later this month giving details of the ML Code and its requirements.

Additionally, the FSC will host a free seminar to explain the new requirements and answer any questions on the ML Code. It will be held at 10am at the Manx Museum, Douglas, on Tuesday 4 December 2007. To reserve a free place at the seminar, or if you have any queries about your obligations under the ML Code, please contact the FSC on 689300. More information about changes to the ML Code and a full copy of the ML Code can be found on the Department’s website at www.gov.im/dha/legislation.xml.

The ML Code states the amount in euros in order that Tynwald does not need to amend it each time the currency’s value fluctuates against the pound.

Changes to the ML Code were made in order to bring the Isle of Man in line with international standards. Further information on the international standards can be found on the Financial Action Task Force’s website at www.fatf-gafi.org.

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