PAUL HECKLES FINANCIAL SUPERVISION COMMISSION. IOM & INTERNATIONAL REGULATORY UPDATE FSCs AML / CFT Handbook Anti-Terrorism and Crime (Amendment) Act.

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Presentation transcript:

PAUL HECKLES FINANCIAL SUPERVISION COMMISSION

IOM & INTERNATIONAL REGULATORY UPDATE FSCs AML / CFT Handbook Anti-Terrorism and Crime (Amendment) Act 2011 Anti-Terrorism (Money Laundering) Code 2011

IOM & INTERNATIONAL UPDATE Should be on Statute circa. July 2011 Consultation ends – JAMLAG 18 th May 2011 Comments –

INTERNATIONAL POSITION 1 st Guernsey 47 2 nd Jersey 44 3 rd = Singapore & USA 43 5 th Belgium 42 6 th = Cyprus, Panama & Slovenia 39 9 th = Cayman Islands, France & Malta th = Estonia, Hungary, IOM, Portugal & UK 36

IOM AML/CFT ACTION AREAS Designated Non-Financial Businesses & Professions (DNFBPs) Money Lenders Non-Profit Organisations Ratification of the Palermo Convention

IOM AML/CFT ACTION AREAS Ensuring all 1931 Companies BO Details Trust Register Cash Transportation by Mail – Post Office Act 1993

UK EVENTS UKS Bribery Act 2010 – Need Policies in Place by 1 st July 2011 Guidance Issued by UKs Ministry of Justice making-and-reviewing-the- law/bribery.htm making-and-reviewing-the- law/bribery.htm

UK EVENTS UKs Relaxing of Financial Regulation Dismantling of the FSA HMRC – Tax Evasion Penalties if Tax Havens involved 6 th April 2011 Creation of Economic Crime Agency?

INTERNATIONAL EVENTS EUs White List 4 th EU Money Laundering Directive

INTERNATIONAL EVENTS FATF Consultation on Rewrite of its AML / CFT 40 Recommendations & 9 Special Recommendations FATF Requirement for Progress Reports

GOOD NEWS OECD Evaluation of the Isle of Man Forum on Transparency and Exchange of Information for Tax Purposes peer review report Hopefully Finalised Shortly – Good Press

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