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Island to no longer report to MONEYVAL

Monitoring body puts IoM at 'enhanced follow-up' stage

The Isle of Man will no longer report to MONEYVAL on an annual basis.

MONEYVAL is a monitoring body of the Council of Europe, which makes sure countries comply with international standards to counter money laundering and financial terrorism.

Government says it's a positive reflection of the Island's financial framework and is a reassurance to the industry.

The decision was made to no longer report to the body at the 61st MONEYVAL Plenary Council meeting.

The Island is now at a stage known as 'enhanced follow-up', until an 'on-site review takes place'.

Chief Minister Howard Quayle says it's a significant milestone and shows the commitment to playing a part in a 'global fight to tackle financial crime'.

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