News

We are in the process of moving our news items from our previous site to this.  Please bear with us.  We hope to have this completed shortly.

Egmont Group Raises Concern Over Raid on German FIU

By Koos Couvée The top official of an international group of 164 financial intelligence units has voiced concern that last week’s unprecedented police raid on Germany’s anti-money laundering body at the behest of state prosecutors could undermine its independence. The public prosecutor’s office in Osnabruck, in the northwestern state of Lower Saxony, ordered investigators to search…

inforights

Personal data transfers to USA via Privacy Shield invalid

Many transfers of personal data to the USA have relied upon the Privacy Shield to safeguard that data.  The Privacy Shield was an agreement between the European Union (EU) and the United States of America (USA) that allowed for the transfer of personal data from the EU to the USA. However, on 16 July 2020,…

FATF Webinars on Money Laundering and Terrorist Financing and COVID-19

The Financial Action Task Force (FATF) is organising two webinars, on Thursday 30 July 2020 and Friday 31 July, to discuss money laundering and terrorist financing in relation to COVID-19.  Each event is open to both the public and private sector. A recordings of each webinar will also be published on the FATF website.   After a…

Tougher security laws considered after Russia report

Whilst the property industry isn’t consistently regulated across the UK, agents do have to abide by many rules including those on anti-money laundering. The Russia Report, issued on 21 July, shows the continued threat of illicit financial activity and Ministers are considering strengthening legislation. Due diligence The Report outlined that the arrival of Russian money into Britain…

FATF Webinar on Money Laundering and the Illegal Wildlife Trade

The Financial Action Task Force (FATF) is organising a webinar on Monday 27 July 2020 from 13:00 – 14:30 CET (11:00-12:30 GMT), to discuss the FATF’s recent report on Money Laundering and the Illegal Wildlife Trade.   What Is It About? The objective of this webinar will be to discuss the main money laundering trends linked to…

NCA calls for changes in light of the Russia report

The Intelligence and Security Committee of Parliament issued their report on 21 July on Russia, highlighting the problems estate agents are faced with in combatting financial crime activity in property markets. The report accuses the Government of playing catch-up with the issue of Russian interference into UK politics, elections, referendums, Brexit, and spreading fake news,…

IOMGOV

Financial Sanctions: ISIL (Da’esh) and Al-Qaida

This news release is issued in respect of the restrictive measures directed against the ISIL (Da’esh) and Al-Qaida organisations. Annex I to Regulation (EC) No 881/2002 has been amended with effect from 23 July 2020, following the publication of Commission Implementing Regulation (EU) 2020/1082 (“the Amending Regulation”). The Amending Regulation reflects the decision made on…

IOMGOV

Financial Sanctions: Global Human Rights Regime

This news release is issued to publicise a new global sanctions regime introduced to freeze the funds and economic resources of certain persons, entities or bodies responsible for or involved in serious violations of human rights. The new regime will target individuals and organisations rather than nations. The Global Human Rights Sanctions (Isle of Man)…

IOMFSA

Financial Services Authority – Pandemic – Office Arrangements

The majority of Authority staff are now working from the Authority’s offices. The safety of staff remains our paramount concern and, should circumstances change, we will update our arrangements.  If you are visiting our offices or meeting with our staff you should be aware that staff have been asked not to shake hands with others…