Isle of Man Given Strict Deadline to Meet FAFT Standards

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MONEYVAL, the Council of Europe’s regulator has given the government in the Isle of Man a strict deadline (July 2019) to alter its money laundering legislation as per the requests of the ombudsman’s last common assessment report from December 2016, which placed the country in the ‘enhanced follow-up procedure’ category.

The tight due date clarifies why the Isle of Man Financial Services Commission’s changes closed this week (September 11th) after only being open since the previous week.