Work progressing to update National Risk Assessment
Revised publication timetable for sector and topic-based reports
Extensive work is continuing to take place to support the publication of the Isle of Man’s updated National Risk Assessment (NRA).
Key information is being collated and analysed to identify threats to the Island in relation to money laundering (ML), terrorist financing (TF) and proliferation financing (PF), and to consider the relevant controls and mitigations in place.
The findings will inform national policies aimed at countering financial crime and maintaining the Island’s reputation as a well-regulated international finance sector.
The third NRA, building on the reports published in 2015 and 2020, will also strengthen preparations for the MONEYVAL evaluation taking place in October 2026 and assist firms in enhancing their compliance frameworks.
While good progress continues to be achieved through public-private sector collaboration, the significant volume of data required to produce a comprehensive NRA has prompted a revision to the publication timetable.
Work is well advanced on many of the main themes and specific sectors, with the TF report scheduled to be issued early this summer, followed by the assessment of Non-Profit Organisations. The ML report is now expected to be finalised and released in the autumn, while the PF risk assessment is timetabled for publication in late 2025.
Multiple Government agencies are working in partnership to address all aspects of the risk assessments, drawing on the knowledge and experience of industry representatives, as well as experts from outside the Isle of Man.
Several workshops have been held to raise awareness of the NRA and how businesses can contribute to the process to ensure the Island continues to demonstrate the effectiveness of its ML/FT/PF frameworks.
Outreach will be stepped up in the time ahead to provide updates on the sector and topic-based assessments, explain the revised delivery timetable in more detail and encourage further input from industry.
Jane Poole-Wilson MHK, Deputy Chief Minister and AML/CFT Lead for the Isle of Man Government, said: ‘A robust National Risk Assessment is an essential part of efforts to mitigate ML/FT/PF threats and maintain compliance with international standards. The work currently taking place will build an overall picture of risk that our industry, Government agencies and international partners can use to protect the Isle of Man and the wider global environment from the scourge of financial crime.’
She added: ‘We appreciate the positive engagement shown by many different sectors of the Island’s business community and from our charitable organisations. Continued support is crucial as part of our co-ordinated national response.’