ISLE OF MAN: No safe haven for money laundering

The detective who led the Jenny Holt inquiry said the verdict would send a clear message that the island should not be seen as a safe haven for money laundering.

Detective Sergeant Lynne Skelly of the Isle of Man Police Financial Crime Unit, said: ‘It is one of the aims of the Financial Crime Unit to ensure the island is a safe place to do business.

‘The legal profession and trustees are key players in ensuring that the Isle of Man has a positive financial reputation.

‘This conviction sends out a strong message to the international financial community that the island will not be seen as a safe haven for money laundering. I am pleased that the case has resulted in a successful conclusion.’

Meanwhile, Trevor Baines has admitted five counts of theft in relation to £770,000 stolen from Hermitage Securities Limited and Euros 43,383.95 from Henry Charles Taylor.

His wife Wendy Nicolau De Almeida Baines has also pleading guilty to the theft of £400,000 from Hermitage Securities Limited.

Detective Sergeant Skelly said: ‘This was a serious breach of trust by Mr and Mrs Baines who stole considerable funds from client bank accounts under their control.

‘Trustees are key players in ensuring that the Isle of Man has a positive financial reputation. This conviction sends out a strong message to the international financial community that the island will not tolerate such criminal conduct.’

Source: IOM TODAY

Isle of Man: Review of financial records part of IMF visit preparations

A CONSULTATION on the financial regulation of charities and other non-profit organisations has been published by the Chief Secretary's Office.

The exercise is part of a review of the Island's compliance with international measures against money laundering and terrorist financing, ahead of the visit by the International Monetary Fund (IMF) in September this year.

In a foreword to the consultation paper, Chief Minister Tony Brown said: 'To maintain a successful economy for the benefit of its people, it is important that the Isle of Man meets international standards in safeguarding all sectors of our community, including the voluntary sector, against potential abuse for such purposes as money laundering and the financing of terrorism.'

He said that a key test of the Island's compliance with these standards would be the assessment by the IMF. One of the IMF's current concerns is the potential use of charities and other non-profit organisations (NPOs) around the world to facilitate the financing of terrorism.

'There is no suggestion that NPOs in the Isle of Man are being used for such purposes, and the Government fully recognises the good work that is done by the Island's voluntary and charitable sector.

'However, it is prudent and timely to review the regulation of this type of organisation to ensure that the Island's system is not vulnerable to abuse in future by international elements.'

The consultation paper - 'Charities and other Non-Profit Organisations – invitation to comment on options for the registration, regulation and monitoring of such bodies to prevent their possible use in the financing of terrorism' – is available from the internet at: www.gov.im/cso, and paper copies may be obtained from the Tynwald Library, Finch Road, Douglas.

The closing date for responses is Friday June 20, 2008.

http://www.iomtoday.co.im/isle-of-man-business/Review-of-financial-records-part.4075787.jp

Isle of Man: Firms urged to return AML forms

BUSINESSES are being urged to return the registration/questionnaire forms sent to them as part of the campaign to further strengthen the Isle of Man's anti-money laundering laws.
The Criminal Justice (Money Laundering) Code 2007 has been updated to ensure the Isle of Man complies with international standards and continues to play its part in the worldwide fight against crime and terrorism.

The main thrust of the code is that it extends to any business dealing in goods which accepts cash payments of 15,000 euros or more – or the equivalent in any currency including sterling.

Consequently, businesses such as car dealerships, jewellers, estate agents and auction houses were sent an instruction manual in August to outline their responsibilities and to provide practical support and guidance.

The registration/questionnaire contained within the manual must be returned to the Department of Home Affairs by 5pm on Friday, September 26.

Source: IoM Today

UAE to join hands with 82 nations to fight dirty funds

The UAE said yesterday it will sign new anti-money laundering agreements with 82 countries as part of an intensified strategy to combat dirty funds.

The National Anti-Money Laundering Committee (NAMLC) discussed the plans at a meeting that also covered recent cases of currency fraud and other issues.

The Central Bank, which organised the meeting in Dubai, said the committee heard that a memorandum of understanding (MoU) had so far been signed between the anti-money laundering unit and 21 countries.

They were told that the unit planned to sign MoUs with 82 other nations that were members of the Egmont Group, an international gathering of financial intelligence units.

Some of the countries covered by the agreements have large communities in the UAE and financial sources say the agreements will strengthen the drive to crack down on dirty money and ensure the banking system here remains clean.

"These agreements demonstrate the commitment of the UAE to share financial information with its global partners to co-ordinate the efforts against money laundering, terrorist financing and related crimes," a Central Bank spokesman said after some of the deals were signed earlier this year.

"These agreements were aimed at further supporting the UAE's continued co-operation with the international community on subjects of mutual concern and on ways to strengthen co-operation on combating money laundering."

MoUs were signed with the financial intelligence units of Lebanon, Belgium, Brazil, Croatia, Estonia, Isle of Man, Macedonia, Malawi, Monaco, Nigeria, Portugal, the Philippines, Serbia, South Africa and other countries.

The agreements followed a pledge by the UAE last year to push ahead with an extensive campaign against money laundering and terrorist funding through intensified regional and international co-operation.

Source: Emirates Business 24/7