The Isle of Man Government has published its refreshed Financial Crime Strategy and National Action Plan.
The strategy and plan set out the Island’s strategic direction and delivery framework to further strengthen its response to money laundering, terrorist financing and proliferation financing.
Together, the two documents reflect the completion of the latest National Risk Assessment cycle and show how Government, regulators, law enforcement and industry will continue to work together to protect the Island, maintain international standards and support a strong, diverse economy.
The refreshed Strategy covers the period 2026 to 2031 and succeeds the current 2024 to 2026 Strategy.
It retains the Island’s mission of ‘an all-Island approach to tackling financial crime’ and continues the same four overarching aims, reflecting the consistent view of both Government and industry that effective partnership remains the key to a strong and proportionate regime. The new National Action Plan sits alongside the Strategy and translates the findings from the recent suite of National Risk Assessments into a clear programme of practical action.
Publication of these documents follows the conclusion of the current Strategy cycle this year and the completion of the latest National Risk Assessment programme. They reflect the continued development of the Island’s framework in response to evolving threats, standards and operational experience.
Both documents are shaped by extensive joint work undertaken over the past two years by competent authorities and industry as part of the National Risk Assessments and involved significant evidence gathering, engagement and analysis across sectors.
Jane Poole-Wilson MHK (pictured), Minister for Justice and Home Affairs, said: “Today’s publication of the National Action Plan and refreshed Financial Crime Strategy marks an important step for the Isle of Man. The previous Strategy reaches the end of its current cycle this year, and having now completed the latest National Risk Assessment programme, it is the right time to set out both our strategic direction for the years ahead and the practical actions that flow from that work.
“These documents reflect the considerable effort that industry, regulators, law enforcement and Government agencies have invested together. They demonstrate the Isle of Man’s continued commitment to maintaining and evidencing a robust and proportionate framework for countering financial crime, build on the extensive work undertaken through the National Risk Assessments and set out how the Island will continue to respond to identified risks in a coordinated and practical way.
“The Isle of Man remains committed to meeting international standards, to continuous improvement, and to remaining open for business while being firmly hostile to financial crime.”
