Representatives from the MONEYVAL Secretariat, the international body which will conduct the Isle of Man’s Mutual Evaluation later this year, are on the island this week to deliver training to the public and private sector.

The two-day event, referred to as ‘Country Training’, marks the official start of the Mutual Evaluation and will provide stakeholders from both the public and private sector with an insight into the process and offer valuable assistance in preparing for MONEYVAL’s two-week on-site visit in September.

MONEYVAL (the Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism) is a permanent monitoring body of the Council of Europe responsible for assessing the effectiveness of measures taken to combat money laundering, terrorist financing and proliferation financing.

Its assessments evaluate a jurisdiction's compliance with international standards for combating money laundering (AML), terrorist financing (CFT), and proliferation financing (CPF).

The seminar’s first morning this week will be attended by representatives from the private sector and will begin with opening remarks from the Minister for Justice and Home Affairs Hon Jane Poole-Wilson and, via video link, the chairperson of MONEYVAL, Nicola Muccioli.

This will be followed by a presentation and question and answer session led by MONEYVAL’s representatives, covering what the private sector can expect from the Mutual Evaluation in September and guidance on engaging with assessors.

The afternoon and second day will give the Isle of Man's AML/CFT authorities an opportunity to demonstrate and receive initial feedback on their effectiveness at preventing, investigating, and prosecuting financial crime through presentations and mock interviews.

The Minister for Justice and Home Affairs, Hon Jane Poole-Wilson said: ‘Part of our Island Plan is to ensure the island’s financial structures continue to meet international standards, and I look forward to demonstrating to MONEYVAL our all-island approach to tackling financial crime.

‘This event will offer guidance on how we can demonstrate this most effectively, as well as giving our Island’s businesses a valuable insight into the process of this year’s evaluation.’

A government spokesperson added: ‘Country training is a standard feature of the MONEYVAL assessment in advance of the island’s on-site evaluation and provides private and public sector bodies an understanding of the criteria for the evaluation, how it will be conducted, and how they can each contribute.’

- We value your opinions! If you have something to say about this issue, email [email protected], and we may publish your letter in the Isle of Man Examiner. Please include your name, address, and phone number for verification - your phone number and full address won’t be printed, and anonymity requests will be considered. Whether you’re responding to an article or raising a new issue, your views help spark discussion and debate. Join the conversation and make your voice heard in the Isle of Man community. Thoughtful contributions from readers like you help keep public discourse vibrant and informed.