Isle Of Man Country Summary
Sanctions
No
FATF AML Deficient List
No
Terrorism
Corruption
US State ML Assessment
Criminal Markets (GI Index)
EU Tax Blacklist
Offshore Finance Center
Please note that although the below Summary will give a general outline of the AML risks associated with the jurisdiction, if you are a Regulated entity then you may need to demonstrate that your Jurisdictional AML risk assessment has included a full assessment of the risk elements that have been identified as underpinning overall Country AML risk. To satisfy these requirements, we would recommend that you use our Subscription area.
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Anti Money Laundering
FATF status
The Isle of Man is not on the FATF List of Countries that have been identified as having strategic AML deficiencies
Compliance with FATF Recommendations
The last follow-up Mutual Evaluation Report relating to the implementation of anti-money laundering and counter-terrorist financing standards in The Isle of Man was undertaken in 2022. According to that Evaluation, the Isle of Man was deemed Compliant for 20 and Largely Compliant for 19 of the FATF 40 Recommendations. It was deemed Highly Effective for 0 and Substantially Effective for 2 of the 11 Effectiveness & Technical Compliance ratings.
Sanctions
There are no international sanctions currently in force against this country
Bribery & Corruption
| Rating | 0 (bad) - 100 (good) |
|---|---|
| Transparency International Corruption Index | NA |
| World Bank: Control of Corruption Percentile Rank | NA |
Economy
The Isle of Man has a high-income economy primarily driven by financial services, light manufacturing, and tourism, bolstered by attractive tax incentives for businesses. With no capital gains tax or inheritance tax and a low corporate tax rate, it has become a favored location for offshore banking and online gambling, while the government is actively working to diversify the economy.
The investment climate in the Isle of Man is highly favorable, bolstered by its status as a tax haven that attracts high-net-worth individuals and corporations seeking financial confidentiality. The absence of capital gains tax, inheritance tax, and a low corporate tax rate further enhances its appeal for offshore banking and online gambling. However, this financial reputation has led to challenges related to money laundering and financial crime, prompting the government to implement regulatory measures to align with international standards.
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- Risk Analysis
- Corruption
- Economy
- Sanctions
- Narcotics
- Executive Summaries
- Investment Climates
- FATF Status
- Compliance
- Key Findings
