Compliance costing Island businesses
A businessman says the amount of money seized on suspicion of financial crime by Manx agencies is negligible compared with the cost of compliance.
Data revealed in the Financial Intelligence Unit's annual report for 2016/17 shows more than £3 million was seized on suspicion of money laundering.
David Dorricott of Ramsey-based AFD Group says complying with financial crime rules is causing an industry-wide headache for many local companies because of the costs involved.
He says enforcement agencies need to raise their game when tackling financial crime to justify the burden of compliance:
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