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| IoM Businesses Alerted To New AML Code |
by Robert Lee, Tax-News.com, London
Monday, August 23, 2010
The Isle of Man's Department of Home Affairs has written to businesses in the island
informing them of new legislation relating to anti-money laundering that is due
to come into force next month.
The letter seeks to alert all designated non-financial businesses and professionals
operating from the island that new legislation, the Proceeds of Crime (Money
Laundering) Code 2010 is to enter into force on September 1, 2010.
Commenting, Home Affairs Minister, Adrian Earnshaw said: "The purpose of writing to this sector of the business community is twofold.
Firstly it enables the Department to remind people of their responsibilities
under anti-money laundering legislation, which was first introduced in September
2007, and secondly it informs those who are required to comply where they can
access details of the new Code, [on the government's website].”
Explaining the ramifications of the code, Earnshaw added: “Although most of these businesses will be unaffected, there may be a
few that accept cash payments of the equivalent of EUR15,000 or more that will
be required to comply with the new AML Code. Compliance with AML laws is essential in ensuring the island is protected
from people who would use the Isle of Man for laundering of funds for criminal
or terrorist related purposes, and help us maintain the island’s international
reputation.”
The island’s Financial Services Commission has also sought to notify
concerned entities that the Anti-Money Laundering and Countering the Financing
of Terrorism Handbook has been updated to incorporate new guidance on the new
Code. In addition, amendments have been made to take into account some of the
recommendations by the International Monetary Fund in their evaluation of the
Isle of Man, the Commission said.
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