Authority publishes findings of PEP report
The Isle of Man Financial Services Authority has published the findings of its review into one of the biggest international crime threats to the Island’s reputation as a well-regulated jurisdiction.
A thematic exercise was carried out between 2021 and 2023 to evaluate the risks posed to the Isle of Man business sector in connection with foreign Politically Exposed Persons (PEPs).
PEPs are individuals who may present a higher risk in relation to money laundering, terrorist financing and proliferation financing because their position or influence may leave them more exposed to bribery or corruption.
The review conducted by the Authority tested the strength of measures and controls put in place by firms to mitigate PEP-related risks and protect their business from abuse by criminals.
The outcomes, which are available to view online, will help to inform the Authority’s overall picture of risk, as well as the Island’s National Risk Assessment.