Celtic league : Anti-money laundering group - deliberations 'not made public'

The Isle of Man Treasury has responded to queries from the Celtic League about regulatory issues relating to the Isle of Man Finanical Services Industry.

The League had asked who are the members that consitute the Joint Anti-Money Laundering Advisory Group (JAMLAG) and if any public record is available of their deliberations. We slso asked if there were any plans to carry out an audit of the performance of the financial crime unit.

It is clear from the response that, despite the current Manx governments avowed committment to transparency, this does not extend to minutes of the meetings of JAMLAG.

The Isle of Man Treasury response (in full) is set out below :

«Dear Mr Moffatt

Joint Anti-Money Laundering Advisory Group

I apologise for the delay in responding to your letter dated 10th February 2008.

The Joint Anti-Money Laundering Advisory Group consists of a representative from the following bodies:

Institute of Chartered Secretaries and Administrators Isle of Man Society of Chartered Accountants Isle of Man Law Society Association of Corporate Service Providers Isle of Man Bankers Association Fund Managers' Association Manx Insurance Association Stockbrokers' Forum Manx E-Gaming Association

The following Government bodies are represented :

Chief Secretary's Office Financial Crime Unit Financial Supervision Commission Insurance and Pensions Authority Department of Home Affairs Treasury Customs and Excise Division of the Treasury Attorney General's Chambers

The terms of reference of the group are: 'The overall aim of the JAMLAG is to act as a representative discussion forum of regulators, law enforcement authorities and industry paticipants, to arrive at an antimoney laundering regime for the Island which can be applied in a fair and practicable manner while being responsive to the level of risk in valved and the international standards being set.

To achieve its aim the JAMLAG will have as its objectives to :

- Review as appropriate major changes to international anti-money laundering standards and consider when and how they might be locally promulgated ;

- Provide a forum in which key stakeholders can comment and advise on prospective changes to anti-money laundering regulations and guidance ;

- Foster co-ordination of anti-money laundering practices between different industry sectors.

The JAMLAG will bring together representatives from relevant industry sectors, regulatory bodies and law enforcement authorities.

The JAMLAG will meet on a quarterly, or otherwise as needed basis.

Ad hoc sub-groups may be formed to consider particular issues and if necessary involve other organisations to provide further input.'

The deliberations of the group are not made public.

In relation to the Financial Crime Unit, the forthcoming IMF visit will function as an important review of its performance, as did the previous IMF Report. In addition, there is periodic external, independent review of its performance. It is also included in the inspections conducted by Her Majesty's Inspector of Constabulary. A copy of the October 2006 report appears on the Government's website at (voir le site)

Yours sincerely

Allan Bell MHK Minister for the Treasury»

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J B Moffatt Director of Information Celtic League

19/04/08