The government has released a new strategy to combat money laundering and terrorist financing.

The financial crime strategy 2021-23 details an overview of the island’s current position, including recent policy development, while highlighting the evolving threat facing governments worldwide.

At the core of the strategy are three national strategic objectives which provide a path forward.

These include, a focus on new and existing money-laundering threats, focus on knowledge and development of skills to combat identified threats, and to maintain a high-level of compliance with the Financial Action Task Force aimed at tackling money laundering.

These objectives are backed up by a series of indicators against which success will be measured.

Chief Minister Howard Quayle, in his foreword, said: ’In recent years, the Isle of Man has introduced a large number of measures to strengthen our legislative framework against money laundering and terrorist financing.

’These have been underpinned by significant investment in financial intelligence, law enforcement and asset recovery.’

He added: ’Taking the profit out of crime is a fundamental objective.

’The Isle of Man has increasing success in this area and in a number of cases has been able to assist other jurisdictions in returning assets to the victims of financial crime.’

It follows the Isle of Man’s two national risk assessments of money laundering and terrorist financing, published in 2016 and 2020, and the previous financial crime strategy 2017-2020.

Some ongoing actions have been carried forward into the new financial crime strategy 2021-23.

These include the following area of focus:

l Undertaking detailed analysis of the data now available on money laundering and terrorist financing.

l Effectively prosecuting money laundering and terrorist financing and confiscating the proceeds of crime.

l Reviewing and modernising aspects of the Proceeds of Crime Act 2008.

l Identifying, investing in and implementing specialist training to support intelligence gathering, analysis, investigation, prosecution and asset recovery.

l Ensuring that awareness of anti-money laundering is embedded within the government.