Why a positive MONEYVAL assessment is so important

Warning GDP could fall 'significantly' if Isle of Man is greylisted 

There could be a heavy cost on the economy if any deficiencies are identified by MONEYVAL in the Island's anti-money laundering frameworks. 

In October 2026 a group of experts will evaluate the effectiveness of the Isle of Man's measures to combat money laundering and terrorist financing, to ensure its complying with international standards.

The last time the Island was assessed was in 2016, after which it was placed into an ‘enhanced follow-up’ process - to monitor progress with the AML/CTF regimes.

Concerns have been raised about what would happen if the Island was to be 'greylisted'.

The International Monetary Fund's estimation of greylisting is that it can reduce GDP by 7.6 percent or more, but the impact for the Isle of Man - according to the Isle of Man Financial Services Authority - could be even greater; as high as 11 percent.

Justice and Home Affairs Minister Jane Poole-Wilson is the Anti-Money Laundering and Countering Financing of Terrorism Lead for the Isle of Man Government:

MONEYVAL is the Council of Europe’s anti-money laundering body, based in Strasbourg, and is the regional branch of the International Financial Action Task Force.

In September, government said preparations are 'well advanced' across multiple government agencies and collaboration with industry is being stepped up as part of national efforts to secure a positive outcome.

In Tynwald last week, members rejected a proposal to create a new select committee to examine the Island's financial services and eGaming regulatory frameworks - in part due to concerns about the impact such a review could have on the Isle of Man’s preparations for next year’s assessment.

Read more HERE.

Not only is it warned that greylisting would have a major impact on the Island’s economy and the cost and ease of doing business, but it's expected that some international organisations will be less likely to deal with the Island as a result.

Legislative Council Member Gary Clueit told Manx Radio's Perspective programme that a positive MONEYVAL score from 2016 is, in part, the reason behind his decision to relocate from the USA to the Isle of Man.

Listen to the full Perspective podcast below: