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Businesses urged to submit anti-money laundering forms 8 September 2008

DHA Minister with AML manualBUSINESSES are being urged to return the registration/questionnaire forms sent to them as part of the campaign to further strengthen the Island’s anti-money laundering laws.

Instruction manuals were distributed last month to sections of the business community that may be affected by the Criminal Justice (Money Laundering) Code 2007. The legislation has been updated to ensure the Isle of Man complies with international standards and continues to play its part in the worldwide fight against crime and terrorism.

The main thrust of the Code is that it extends to any business dealing in goods which accepts cash payments of 15,000 euros or more – or the equivalent in any currency including sterling. Consequently, businesses such as car dealerships, jewellers, estate agents and auction houses were sent an instruction manual in August to outline their responsibilities and to provide practical support and guidance.

The registration/questionnaire contained within the manual must be returned to the Department of Home Affairs by 5pm on Friday, September 26. The information supplied will help to identify to what extent individual businesses are required to comply with the anti-money laundering provisions. Details will also be used to establish a register of Island businesses that do or do not accept cash payments of 15,000 euros or more.

Minister for Home Affairs Adrian Earnshaw said:

‘Many registration/questionnaires have already been submitted and the Department is most grateful for the co-operation of the local business community. Those who haven’t yet returned the forms are urged to do so as soon as possible. This is a key issue which will help to protect the Isle of Man’s international reputation and most importantly make it more difficult for the Island to be used for money laundering purposes.’

Copies of the anti-money laundering instruction manual are available by contacting 694300. Information can also be accessed on the Department of Home Affairs website http://www.gov.im/dha/ceo/AML/

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