12-03-2025
Boost for island's fight against financial crime
The Manx government is set to bolster its defences against "evolving" threats to the island's financial and online gambling industries by international criminals.
A spokeswoman said online gaming and gambling platforms were at the centre of an "increasingly complex and sophisticated criminal landscape in east and south-east Asia".
Some of the Gambling Supervision Commission's (GSC) processes are set to be strengthened and new gaming licence applications will be subject to more scrutiny.
Deputy Chief Minister Jane Poole-Wilson said the government would "not hesitate to act to disrupt and prosecute" anyone using the island for criminal activity.
She said "illicit actions by transnational organised criminals to exploit the island's business environment and immigration security" were taken "extremely seriously" by the government and Manx authorities.
In a statement, a spokeswoman said the risks presented by overseas criminal networks were now affecting jurisdictions worldwide and "increasing vigilance" was needed when conducting business linked to the region.
As an international financial centre with links to the UK, the Isle of Man is "attractive for exploitation" by organised crime groups, she said.
As part of the measures, the GSC - the e-gaming sector regulator - will review and strengthen it's framework and practices in market licencing, supervision and enforcement.
Meanwhile, Manx authorities have committed to "continuing to enhance inter-agency working across the regulators and law enforcement".
The government has also confirmed legislation would be updated to "enhance the effectiveness" of the island's anti-money laundering and counter-terrorism financing framework.
Immigration security measures are set to be enhanced as part of this.
Poole-Wilson said the actions aimed to identify vulnerabilities and ensure "urgent action" was taken to mitigate them, "thereby strengthening the island's countering financial crime regime for the future".
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