Over £24million confiscated in crackdown on financial crime

Over £24million has been confiscated since January 2019 as part of government efforts to tackle financial crime.

That's according to a report released today which looks at the progress being made on the Isle of Man to crack down on money laundering and the financing of terrorism.

The funds were recovered through confiscation orders and has allowed the money to be returned to victims and other countries.

Chief Minister, Howard Quayle MHK, says: "As an international finance centre the Isle of Man Government takes seriously its responsibilities to the global community, ensuring that the Island defends itself against financial abuse and pursues those who seek to commit such crime.

"The progress made in this area has been significant and our law enforcement and regulators will continue to focus their efforts on protecting the Island from being used to hide or launder the proceeds of crime.

"How people gain money from illicit activities continues to be a constantly-evolving situation, with the pandemic providing further and increased opportunities for criminals worldwide. 

"Cases of fraud have increased globally in 2020, but the Island is well-prepared to defend itself and take action against those aiming to profit from illegal enterprises."

The report comes following a series of recommendations presented in 2016 by MONEYVAL, the Council of Europe body with responsibility for assessing compliance with international financial standards.