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Pandemic has created 'opportunities' for criminals to exploit

2021-23 Financial Crime Strategy published

Covid-19 has created new opportunities for criminal networks to exploit.

That's one of the points made in the new Isle of Man Financial Crime Strategy for 2021-2023.

Government says staying on the front foot against money laundering and terrorist financing is the focus of the strategy.

It gives an overview of the Island's current position as well as highlighting threats being faced by governments around the world.

One of the areas increased attention is going to be focussed on is bribery and corruption.

Government says corruption - particularly grand corruption - can have a devastating effect especially in developing nations.

Three main objectives have been outlined.

  • A focus on new and existing money laundering threats and identifying and taking measures to address them
  • Knowledge and developing skills to combat threats which have been identified
  • Maintaining high compliance with the Financial Action Task Force - the international body which sets and monitors standards to tackle money laundering - and other standards

It also aims to deliver on international commitments over beneficial ownership.

Government also says authorities charged with protecting the Isle of Man from financial crime are committed to working together; exchanging information, knowledge and experience with the intention of depriving criminals of their assets.

A link to the full strategy can be found HERE.

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