Law enforcement authorities 'progressing a number of high value money laundering cases'
The Isle of Man Government is highlighting new sanctions imposed by the UK and the US on a network of illegal scam centres deriving from Southeast Asia.
The sanctions have seen millions of pounds’ worth of property, business and other assets controlled by the network and its enablers frozen.
UK sanctions, like these, are automatically applied in the Isle of Man.
Government says scam centres in Cambodia, Myanmar and across the region use fake job adverts to attract foreign nationals to disused casinos or purpose-built compounds, where they are forced to carry out online fraud under threat of torture.
It often involves building online relationships to convince targets to ‘invest’ increasingly large sums of money into fraudulent cryptocurrency investment schemes - the proceeds of which are then laundered.
Justice and Home Affairs Minister Jane Poole-Wilson says: "The Isle of Man is resolute in its commitment to playing a proactive role in the international fight against transnational organised crime.
All persons in business or a profession in the Island, including financial institutions, are being told to check whether they maintain any account, or otherwise hold or control funds or economic resources, for individuals or entities included in the lists and take the necessary actions.
Meanwhile, the Island’s law enforcement authorities are said to be continuing to work on 'progressing a number of high value, complex and transnational money laundering cases'.
You can find more information on these sanctions HERE.
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