Date Posted: 23/Aug/2010 12:02

http://www.isleofman.com/News/article.aspx?article=28535&area=

BUSINESSES are being informed of new legislation about anti-money laundering which comes into force next month.

The Department of Home Affairs is writing to Island businesses and the letter - from chief executive of the department Will Greenhow - is targeted at all designated non-financial businesses and professionals (DNFBPs).

It explains the Proceeds of Crime (Money Laundering) Code 2010 will come into force on September 1.

Home Affairs Minister Adrian Earnshaw MHK said: "The purpose of writing to this sector of the business community is twofold.

"Firstly it enables the department to remind people of their responsibilities under anti-money laundering legislation that was first introduced in September 2007 and secondly it informs those who are required to comply where they can access details of the new code.

"Although most of these businesses will be unaffected, there may be a few that accept cash payments of the equivalent of 15,000 Euros or more that will be required to comply with the AML Code.

"Compliance with AML laws is essential in ensuring the Island is protected from people who would use the Isle of Man for laundering of funds for criminal or terrorist related purposes, and help us maintain the Island’s international reputation."

Full details of changes to the existing AML Code under the requirements of the Proceeds of Crime (Money Laundering) Code 2010 can be found on the DHA