System to target money laundering introduced

A new simplified system has been introduced geared toward combating money laundering and terrorist financing.

Tynwald recently supported the move by the Department of Home Affairs to unify the existing codes of practice that govern the main financial sector and online gambling.

The codes serve to provide businesses with legal guidance in respect of financial crimes.

Home Affairs Minister Juan Watterson says more revisions will be required in the future if the Island’s to remain at the forefront of global standards.

He also admits that the Island still has a long way to go in changing people’s perception of how it operates:

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