The Isle of Man has moved a step closer to its upcoming MONEYVAL assessment after submitting a key report that will form the basis of the jurisdiction’s anti-money laundering and counter-terrorist financing review later this year.
The Gambling Supervision Commission (GSC) announced on 23 June that the island had completed its written effectiveness submission, a document designed to demonstrate how authorities and regulated sectors identify and tackle financial crime risks in practice.
The filing comes ahead of an onsite assessment by MONEYVAL, the Council of Europe’s body responsible for evaluating compliance with international anti-money laundering and counter-terrorist financing standards set by the Financial Action Task Force (FATF).
Major milestone before onsite inspection
The written effectiveness submission is widely regarded as one of the most significant stages of the mutual evaluation process. Unlike technical compliance reviews that focus on laws and regulations, the effectiveness assessment examines whether those measures are producing tangible results.
The Isle of Man previously submitted its Technical Compliance Questionnaire to the MONEYVAL Secretariat in March. The latest report shifts the focus from legislation to implementation, requiring authorities to show how risks are identified, monitored and mitigated across the jurisdiction.
According to the GSC, the submission reflects extensive preparation across government agencies, regulators and private sector organisations.
Data collection effort across industries
Preparing the report involved gathering and analysing large amounts of information from a range of industries, including financial services, digital businesses and designated non-financial businesses and professions (DNFBPs).
Regulators said cooperation from the private sector was critical to the process, as firms provide data that helps authorities understand emerging risks and assess the effectiveness of supervisory measures.
The island’s financial and digital sectors remain important contributors to its economy, making risk monitoring and regulatory oversight key areas of focus during the evaluation.
Authorities have increasingly emphasised the use of data-driven supervision as international scrutiny of financial crime controls continues to grow.
Industry engagement continues
With the written submission now completed, attention will turn to preparations for the onsite assessment, during which MONEYVAL evaluators are expected to meet representatives from both the public and private sectors.
The GSC said it will continue hosting industry drop-in sessions and feedback forums in the months ahead. The regulator also plans to assist businesses that may be invited to participate in interviews as part of the assessment process.
The mutual evaluation will examine how effectively the Isle of Man’s anti-money laundering and counter-terrorist financing framework operates across the jurisdiction and whether existing controls align with international expectations.
The review forms part of the island’s broader Financial Crime Strategy 2024-2026 and its commitment to maintaining international regulatory standards. The outcome is expected to provide an updated assessment of the jurisdiction’s ability to combat money laundering and terrorist financing risks in an evolving financial environment.
Gambling Legislation (Amendment) Bill 2025
The Isle of Man’s parliament, Tynwald, approved the Gambling Legislation (Amendment) Bill 2025 on the 28 April 2026, a package of reforms aimed at strengthening the island’s gambling regulatory framework. The bill was first introduced to the House of Keys on 28 October 2025 and will come into effect by order later this year. Tynwald, the island’s parliament, is made up of two branches: the House of Keys and the Legislative Council.
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