Anti Money Laundering
Money laundering is the process by which criminals attempt to conceal the true origin and ownership of the proceeds of criminal activities. If successful, the money can loose its criminal identity in that it is made to appear to arise from legitimate sources.
In basic terms a money launderer wants to:
Place his money in the financial system, without arousing suspicion…
and…
...move the money around, often in a series of complex transactions crossing multiple jurisdictions, so it becomes difficult to identify its original source…
and…
...then move the money back into the financial and business system, so that it appears as legitimate funds or assets.
The Isle of Man - Determined to Combat Money Laundering
Following the introduction in 1998 of "all crimes" anti-money laundering legislation, which effectively extends the definition of money laundering to include the proceeds of all serious crime, the Isle of Man has significantly strengthened its defences against criminals hoping to exploit the financial system.
The legislation maintains the Island's leading position, established since the Isle of Man's Financial Supervision Commission issued its first Anti-Money Laundering Guidance Notes in 1985, as a well-regulated jurisdiction that is determined to combat the crime of money laundering.
The Criminal Justice Act of 1990 and the Anti-Money Laundering Code of 1998 state:
Any person who fails to comply with the requirements
of the code shall be guilty of a criminal offence
regardless of whether money laundering
has taken place, and may be liable
on conviction to a fine of up to
£5,000 or to a custodial
sentence of up to
six months.