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Free seminar on anti-money laundering compliance 26 November 2007

RETAILERS, car dealers and auctioneers are amongst those being invited to attend a free seminar next week aimed at helping businesses comply with new anti-money laundering legislation.

The Financial Supervision Commission – FSC - is hosting the free seminar at the Manx Museum lecture theatre, Douglas, starting at 10am on Tuesday, December 4.

The seminar has been arranged following introduction of the Criminal Justice (Money Laundering) Code 2007 – the ML Code. 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.

The Department of Home Affairs – DHA - is co-ordinating promotion of the new legislation with the assistance of the FSC and Isle of Man Customs and Excise. An information leaflet giving details of the requirements of the new ML Code will be distributed to businesses over the coming months.

Home Affairs Minister Martyn Quayle MHK explained:

‘People in the financial sector have been required to comply with anti-money laundering legislation for some time but the new ML Code extends it to any business dealing in goods of any description that accepts cash payments of 15,000 euros or more, or the equivalent in any currency including sterling. The purpose of our publicity campaign is to ensure all local businesses including, for example, auctioneers, jewellers and car salesmen are aware of the necessity for compliance. The FSC’s seminar will provide free guidance on the requirements of the new ML Code to anyone whose business may be affected.’

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.

Paul Heckles, Head of Enforcement at the FSC, commented:

‘We have had several people request information about the new legislation since launching the publicity campaign with the Department of Home Affairs. The important message is that anyone dealing in goods who accepts cash payments of 15,000 euros or equivalent will be subject to this law, and failing to comply is a serious criminal offence. Accepting payment through other traceable means such as cheques or credit cards means the ML Code does not apply.’

More information about changes to the ML Code and a full copy of the ML Code can be found on the DHA’s website at www.gov.im/dha/legislation.xml. Please note, 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 sterling.

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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