On-site mutual evaluation of anti-money laundering arrangements to take place over two weeks
Representatives from MONEYVAL have arrived on the Isle of Man as a crucial on-site evaluation of the Island's regulated sectors gets underway.
The Council of Europe's monitoring body will be carrying out a two-week assessment of the arrangements in place to prevent and combat money laundering, terrorist financing and proliferation financing.
The assessment team will be conducting interviews and meetings with representatives from government, law enforcement, regulators and industry over the coming fortnight.
Preparations for the evaluation have been much-discussed in recent years, with government updating several pieces of legislation in the build-up.
It's estimated a greylisting - a poor assessment of the Island's ability to combat the likes of money-laundering - could see the size of the Island's economy drop by up to 11 percent.
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