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PAUL HECKLES

PAUL HECKLES. FINANCIAL SUPERVISION COMMISSION. IOM & INTERNATIONAL REGULATORY UPDATE. FSC’s AML / CFT Handbook Anti-Terrorism and Crime (Amendment) Act 2011 Anti-Terrorism (Money Laundering) Code 2011. IOM & INTERNATIONAL UPDATE. Should be on Statute circa. July 2011

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PAUL HECKLES

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  1. PAUL HECKLES FINANCIAL SUPERVISION COMMISSION

  2. IOM & INTERNATIONAL REGULATORY UPDATE • FSC’s AML / CFT Handbook • Anti-Terrorism and Crime (Amendment) Act 2011 • Anti-Terrorism (Money Laundering) Code 2011

  3. IOM & INTERNATIONAL UPDATE • Should be on Statute circa. July 2011 • Consultation ends – JAMLAG 18th May 2011 • Comments – SKDowling@applebyglobal.com

  4. INTERNATIONAL POSITION • 1st Guernsey 47 • 2nd Jersey 44 • 3rd =Singapore & USA 43 • 5th Belgium 42 • 6th = Cyprus, Panama & Slovenia 39 • 9th = Cayman Islands, France & Malta 38 • 12th = Estonia , Hungary, IOM, Portugal & UK 36

  5. IOM AML/CFT ACTION AREAS • Designated Non-Financial Businesses & Professions (DNFBPs) • Money Lenders • Non-Profit Organisations • Ratification of the Palermo Convention

  6. IOM AML/CFT ACTION AREAS • Ensuring all 1931 Companies BO Details • Trust Register • Cash Transportation by Mail – Post Office Act 1993

  7. UK EVENTS • UK’S Bribery Act 2010 – Need Policies in Place by 1st July 2011 • Guidance Issued by UK‘s Ministry of Justice http://www.justice.gov.uk/guidance/making-and-reviewing-the-law/bribery.htm

  8. UK EVENTS • UK’s Relaxing of Financial Regulation • Dismantling of the FSA • HMRC – Tax Evasion Penalties if Tax Havens involved 6th April 2011 • Creation of Economic Crime Agency?

  9. INTERNATIONAL EVENTS • EU’s “White List” • 4th EU Money Laundering Directive

  10. INTERNATIONAL EVENTS • FATF Consultation on Rewrite of it’s AML / CFT 40 Recommendations & 9 Special Recommendations • FATF Requirement for Progress Reports

  11. GOOD NEWS • OECD Evaluation of the Isle of Man • Forum on Transparency and Exchange of Information for Tax Purposes peer review report • Hopefully Finalised Shortly – Good Press

  12. CONTACT DETAILS • paul.heckles@fsc.gov.im • Telephone: 689310

  13. ANY QUESTIONS ?

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