Firms advised on money laundering

Firms are being asked to fill in and return the questionnaires

Manuals giving businesses advice and information on how to prevent money laundering have been distributed to firms in the Isle of Man.

The instruction guides detail amendments on the Criminal Justice (Money Laundering) Code 2007.

The legislation has been updated to ensure the Isle of Man complies with international standards.

It affects firms dealing in goods which accept cash payments of 15,000 euros or more or the equivalent in any currency.

As a result, manuals have been sent to businesses such as car dealerships, jewellers, estate agents and auction houses outlining their responsibilities and providing guidance.

Business register

The manuals contain registration/questionnaire forms which businesses must fill in and return to the Department of Home Affairs by 26 September.

The information supplied will help to identify to what extent individual businesses are required to comply with the anti-money laundering provisions.

Details will also be used to establish a register of Manx businesses which do or do not accept cash payments of 15,000 euros or more.

Minister for Home Affairs Adrian Earnshaw said: "Many registration/questionnaires have already been submitted and the department is most grateful for the co-operation of the local business community.

"Those who haven't yet returned the forms are urged to do so as soon as possible.

"This is a key issue which will help to protect the Isle of Man's international reputation and most importantly make it more difficult for the Island to be used for money laundering purposes."