More than £24m of ill-gotten gains from financial crime have been recovered since January last year.

The seizure of assets by the island’s financial crime team include £23,974,920 recovered on behalf of foreign jurisdictions and £213,063 confiscated domestically.

Details emerged in a report released by the Manx government on the progress that’s been made in tackling money laundering and combatting the financing of terrorism.

This follows a series of recommendations presented in 2016 by MoneyVal, the Council of Europe body responsibility for assessing compliance with international financial standards.

The report highlights the significant progress made in meeting MoneyVal’s 62 recommendations, underpinned by substantial investment in financial intelligence, asset recovery and financial crime investigation.

This includes the creation in December 2016 of the International Co-operation and Asset Recovery Team.

The recovery by the team of £24m in ill-gotten assets has allowed the repatriation of proceeds of crime to other countries and enabled compensation payments to victims.

The largest single case resulted from a request for assistance from another jurisdiction to register and enforce a confiscation order made in that country.

A total of £17,904,384 was identified as being the proceeds of crime and recovered from a local financial institution.

The criminal activity which resulted in the confiscation order - and the subsequent criminal prosecutions and convictions - took place entirely within the country making the request.

In separate cases, condemnation for forfeiture powers were used for the first time in relation to two high-value vehicles, and evidence was given from the Manx courts via live video feed that resulted in a conviction in the US for a $4.8m fraud and tax evasion.

Chief Minister Howard Quayle said: ’How people gain money from illicit activities continues to evolve.

’Cases of fraud have increased globally, but the island is well-prepared to take action against those aiming to profit from illegal enterprises.’