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Consultation on Financial Regulation of Charities 2 May 2008

A consultation on the financial regulation of charities and other non-profit organisations is published by the Chief Secretary’s Office today (Friday May 2, 2008).

The exercise is part of a review of the Island’s compliance with international measures against money laundering and terrorist financing, ahead of the visit by the International Monetary Fund (IMF) in September this year.

In a foreword to the consultation paper, Chief Minister Tony Brown MHK comments:

‘The Isle of Man is well known for its contribution to voluntary work and to charitable projects and the Island’s people have always shown considerable generosity in donating their time and resources to good causes.
‘However, to maintain a successful economy for the benefit of its people, it is important that the Isle of Man meets international standards in safeguarding all sectors of our community, including the voluntary sector, against potential abuse for such purposes as money laundering and the financing of terrorism.’

The Chief Minister continues:

‘A key test of the Island’s compliance with these standards will be the forthcoming assessment by the International Monetary Fund (IMF). One of the IMF’s current concerns is the potential use of charities and other non-profit organisations (NPOs) around the world to facilitate the financing of terrorism.
‘There is no suggestion that NPOs in the Isle of Man are being used for such purposes, and the Government fully recognises the good work that is done by the Island’s voluntary and charitable sector.
‘However, it is prudent and timely to review the regulation of this type of organisation to ensure that the Island’s system is not vulnerable to abuse in future by international elements.’

The consultation paper - ‘Charities and other Non-Profit Organisations – invitation to comment on options for the registration, regulation and monitoring of such bodies to prevent their possible use in the financing of terrorism’ – is available from the internet at: www.gov.im/cso, and paper copies may be obtained from the Tynwald Library, Finch Road, Douglas. The closing date for responses is Friday June 20, 2008.

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