MoneyVal, the European anti-money laundering monitoring body, says the Isle of Man has made progress in complying with international standards.

The island was placed in the ’enhanced follow-up’ process following MoneyVal’s mutual evaluation report in December 2016.

Following the latest assessment, the number of areas where the island is deemed compliant when it comes to measures to counter money laundering and terrorism financing has increased from 16 to 20. One area remains ’partially compliant’ and the other 19 recommendations stay rated as ’largely compliant’.

The island remains in ’enhanced follow-up’.

And the Manx government will have to report back to MoneyVal within a year on what further progress it has made.

lFull details in next week’s Examiner.