Representatives from MONEYVAL, the EU Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism, visited the Isle of Man in January to deliver training to the public and private sector.
The two-day event, referred to as ’Country Training’, marks the official start of the Mutual Evaluation and will provide stakeholders from both the public and private sector with an insight into the process and offer valuable assistance in preparing for MONEYVAL’s two-week on-site visit in October 2026.
MONEYVAL is to conduct an onsite evaluation of the Isle of Man in October 2026 to assess the Island’s technical compliance and effectiveness in countering money laundering and terrorist financing against the relevant international standards – the 40 Recommendations issued by the Financial Action Task Force (FATF) – which have evolved since the last evaluation undertaken by MONEYVAL in 2016.
The Mutual Evaluation process will give the Island recommendations on how to improve its anti-money laundering and countering the financing of terrorism (AML/CFT) regime. It is conducted by a team of evaluators comprising experts from MONEYVAL member jurisdictions as well as members of the MONEYVAL Secretariat.
The overall Mutual Evaluation process will take place over 18 months and will include multiple drafts of the Mutual Evaluation Report being shared with the Isle of Man government prior to a final draft being shared across the MONEYVAL membership for comment.
The evaluation covers Financial Institutions such as banks, investment and fund managers and life insurers, as well as Designated Non-Financial Businesses and Professions (DNFBPs) such as Trust and Company Services Providers (TCSPs), Virtual Asset Service Providers (VASPs), accountants, e-gaming, lawyers, lenders and estate agents. The Non-Profit Organisation (NPO) sector will also be subject to assessment.
Meeting the international standards for AML/CFT is an important aspect of being a responsible and reputable international finance centre. The Isle of Man takes its international responsibilities very seriously and always seeks to protect its communities and businesses from the harms caused by financial crime.
The event’s first morning was attended by representatives from the private sector and began with opening remarks from the Minister for Justice and Home Affairs Jane Poole-Wilson and (via video link) the MONEYVAL Chair Nicola Muccioli. This was followed by a presentation and Q&A session led by MONEYVAL’s representatives, covering what the private sector can expect from the Mutual Evaluation and guidance on engaging with assessors.
The afternoon and second day gave the Isle of Man’s AML/CFT authorities an opportunity to demonstrate and receive initial feedback on their effectiveness at preventing, investigating, and prosecuting financial crime through presentations and mock interviews.
“Part of our Island Plan is to ensure the Island’s financial structures continue to meet international standards and to demonstrate to MONEYVAL our all-Island approach to tackling financial crime,” said Poole-Wilson. “The event offered guidance on how we can demonstrate this most effectively, as well as giving our Island’s businesses a valuable insight into the process of this year’s evaluation.”
Country Training is a standard feature of the MONEYVAL assessment in advance of the Island’s on-site evaluation and provides private and public sector bodies an understanding of the criteria for the evaluation, how it will be conducted and how they can each contribute. It also assesses how the various agencies, regulators and government bodies involved in these areas exercise their responsibilities in relation to the FATF Methodology.
The Isle of Man Financial Services Authority, the financial regulator, is hosting a forum for Heads of Compliance in March to enhance awareness and understanding of the updated National Risk Assessment (NRA) and how it underpins efforts to deter financial crime.
The Authority is also working in conjunction with other government agencies to organise a flagship Countering Financial Crime Conference in August, which aims to build on the success of the past two years by once again bringing together leading local and visiting practitioners, experts and policymakers to share best practice.
“This is a critical year for the Isle of Man with the MONEYVAL mutual evaluation scheduled to take place in the Autumn, said Ashley Whyte, Head of the Authority’s AML/CFT Supervision Division. “Our events in March and August are part of a comprehensive engagement programme to strengthen collaboration with industry and promote an all-Island approach to combatting financial crime.”
