IoM Firms Alerted To Anti-Terror Law
Monday, August 1, 2011
The Insurance and Pensions Authority of the Isle of Man has alerted licenceholders
to the recently-approved Prevention of Terrorism Financing Code 2011, which
was adopted by the island's legislative assembly, the Tynwald in July 2011,
and comes into force on September 1, 2011.
IPA licenceholders will be aware of the Proceeds of Crime (Money Laundering)
Code 2010 which sets out the minimum standards required of them in relation
to reducing the risk of relevant business (as defined) being used to launder
the proceeds of crime.
With similar provisions to the Proceeds of Crime (Money Laundering) Code 2010,
the latest Prevention of Terrorism Financing Code sets out the minimum standards
required of relevant businesses in the island, including all entities licenced
by the IPA, to reduce the risk of money sourced from business activities in
the island being used to finance terrorist activity.
The IPA has made available a copy of the Code, and reminded licenceholders
that further information on Anti-Money Laundering and Countering the Terrorism
Financing legislation applicable to all IPA licenceholders is available online.