The Isle of Man no longer has to report on an annual basis to a monitoring body which makes sure nations comply with standards to counter money-laundering and terrorism.
The move was confirmed following the conclusion of the 61st MONEYVAL Plenary Council meeting, with Manx officials saying the decision reflects the progress of the government in developing an excellent technical framework and provides reassurance to industry.
The Isle of Man has been positively marked on 39 out of the 40 Financial Action Task Force (FATF) international standards, putting it in a high position for technical compliance in anti money-laundering measures.
Chief Minister, Howard Quayle MHK, says: "It is a significant milestone for the Isle of Man and reflects the Island’s commitment to playing a leading role in the global fight to tackle financial crime.
"The Isle of Man is dedicated to attracting quality, legitimate business and seeks at all times to prevent the misuse of its finance sector by criminals.
"We are proud of our progress to date and commit with renewed determination to do our part as responsible members of the international community."
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