The Island’s Countering Financial Crime Conference brought together more than 600 delegates on Wednesday to share ideas and expertise.

Hosted at the Villa Marina in Douglas, the event featured leading speakers from the public and private sectors, regulators and international agencies.

Among the keynote contributors were three FBI agents, who detailed their investigation into a £2bn insurance fraud and money-laundering scheme.

Other presentations explored financial crime in the international art market, illicit financing from the perspective of His Majesty’s Customs and Excise, proliferation financing linked to weapons of mass destruction, and the work of the Island’s Financial Crime Partnership.

The conference comes 14 months before MONEYVAL – the Council of Europe’s anti-money laundering body – begins its inspection of the island’s frameworks to counter money laundering, terrorism financing and proliferation financing. Based in Strasbourg, MONEYVAL acts as the regional branch of the International Financial Action Task Force.

Government agencies and industry are already preparing intensively for the evaluation, recognising the significant risks of a negative outcome.

Greylisting, which signals deficiencies in a jurisdiction’s controls, would damage the island’s reputation, increase the cost of doing business and discourage international organisations from engagement.

Leam Thompson, board member of the Isle of Man Financial Services Authority, warned that while the IMF estimates greylisting reduces GDP by 6 to 7% in most jurisdictions, the island’s large finance sector could see losses of up to 11%.

Minister for Justice and Home Affairs Jane Poole-Wilson MHK, who leads the government’s anti-money laundering and counter-terrorism financing strategy, emphasised the scale of work already under way across regulators and industry. She highlighted collaboration as essential to safeguarding the island’s economy and reputation.

‘The conference was an excellent opportunity to learn from experts in many fields,’ she said.

‘Our shared goal is to maintain security against financial crime so the Island’s economy can prosper. The MONEYVAL evaluation in 2026 is an opportunity to showcase our efforts as a trusted and responsible international finance centre.’