Government to Bolster the Isle of Man’s AML and CTF Defenses

The Isle of Man announced that it will be strengthening its iGaming sector against bad actors from East and Southeast Asia. The government confirmed that its agencies will be taking “significant and wide-reaching actions” to enforce the law and investigate crime.

The Island Recognizes the Threats

In its official announcement, the government explained that online gaming as a whole has been “the center point of an increasingly complex and sophisticated criminal landscape” in East and Southeast Asia. Authorities explained that criminals’ influence has reached beyond the region, impacting countries all over the world.

As a result, the Isle of Man urged increased vigilance when conducting business linked to that part of the world.

The government explained that its own financial and online gaming sectors have become increasingly attractive for exploitation by fraudsters in East and Southeast Asia. It added that iGaming remains a core part of the local economy and vowed to take action to prevent online crime.

To that end, agencies have joined forces to bolster their enforcement and investigation capabilities.

The Government Takes Exploitation Attempts Extremely Seriously

Jane Poole-Wilson, deputy chief minister and AML/CFT lead for the Isle of Man, commented on the matter, saying that the government takes the attempts to exploit the island’s business environment and immigration security “extremely seriously.”

Significant and wide-reaching actions are being taken by agencies, with investment in law enforcement and investigation capability. This includes strengthening the Island’s immigration systems and processes.

Jane Poole-Wilson

Poole-Wilson further clarified that the isle will make sure that vulnerabilities are identified and that urgent action is taken to mitigate them. She emphasized that the government will not tolerate the use of the island for criminal activity and will not hesitate to prosecute those responsible.

Further AML Amendments Are in the Works

The Isle of Man government highlighted its long-term commitment to preventing money laundering and the financing of terrorism. The government noted that this is evidenced by the island’s Financial Crime Strategy 2024-2026.

Speaking of which, the Gambling Supervision Commission (GSC) boasts an enhanced program of monitoring and is ever-stricter in its licensing policies. According to the government, license applicants from South and Southeast Asia are subject to additional scrutiny in order to prevent crime and fraud.

In the meantime, the government is working on additional AML law amendments in order to bolster the island’s defenses against fraud. Among other things, the Isle of Man is working on an updated National Risk Assessment (NRA), which is a key tool in identifying, assessing and understanding financial crime. This is consistent with the recommendations of the Financial Action Task Force (FATF).

Finally, the government noted that MONEYVAL will evaluate the compliance of the Isle of Man to the FATF’s standards in October next year.