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News
07
IMF report confirms high level of
compliance
The Isle of Man’s continuing high compliant with most aspects of the
level of compliance with global FATF recommendations ….’, having
standards of financial sector continued to upgrade its
regulation and supervision - requirements significantly. The
including international co- report further states that ‘the quality
operation and the combating of of implementation of AML/CFT
money laundering - has been measures by financial institutions
confirmed by the International was found to be mainly of a high
Monetary Fund (IMF). standard. In meetings with financial
A report published today by the institutions (as well as in some cases
IMF shows that the Island is their auditors and legal advisors)
amongst the top countries in the the assessors found a very high level
world in terms of implementing the of awareness of AML/CFT risks and
recommendations of the Financial requirements’. Most of the
Action Task Force (FATF) to recommendations noted are
counter money laundering and technical in nature.
terrorist financing. The report says the Island has a their responsibilities in the area of international standards for the
The report has been produced general high standard of financial international co-operation regulation and supervision of
following a thorough assessment by sector regulation and supervision, seriously’, citing supervisory co- financial services.
an IMF team, which visited the and a ‘very high standard of operation, mutual legal assistance Welcoming the latest report,
Island in September last year as part compliance’ with the Basel Core and tax information exchange Chief Minister Tony Brown MHK
of an international programme of Principles for effective banking agreements. said: ‘This report from the
inspections. In addition to the supervision. The IMF found that The report notes that the International Monetary Fund is a
Island’s defences against money the Manx banking system had a coverage provided by the Isle of comprehensive, independent and
laundering and terrorist financing limited exposure to market shocks, Man’s Depositors’ Compensation expert endorsement of the quality
(AML/CFT) the IMF looked at the with a ‘very sound’ level of Scheme is ‘unusually extensive for a of the Isle of Man’s financial
regulatory and supervisory system, capitalisation. The insurance sector small, internationally-oriented services regime. We in the Isle of
the soundness of the financial was found to be similarly well jurisdiction.’ Man have always worked hard to
system and its ability to cope with regulated, also with ‘considerable The IMF first gave the Isle of achieve a high level of compliance
stress situations. resilience against shocks’. Man a regulatory clean bill of with international standards, and
The report concludes that ‘…. The report goes on to say that health in 2003, when it reported will continue to do so as the
the Isle of Man is broadly ‘the Isle of Man authorities take that the Island complied well with standards evolve.’
Refinancing of property holdings - an
underused lever to raise capital
provides an opportunity to
restructure and reorganise existing
property holdings.
This arrangement is
particularly attractive for
properties located in France.
There are two reasons for this.
First of all, the French property
market has declined less during
© Gozzoli
the last two years than other
The strength of the euro on the The current environment is property which has capital value countries, such as the United
foreign exchange market makes full of opportunities, particularly in order to make use of the capital Kingdom, the United States or
the refinancing of property with regard to the refinancing of tied up in it. The obvious Spain. Secondly, the euro has
holdings particularly attractive. property holdings. advantage is that the property is strengthened against a number of
This can be done in order to The definition of the retained while additional income other national currencies,
finance projects in other refinancing of a property holding is obtained, which can be invested including sterling and the
countries. is a mortgage taken out on a anywhere in the world. It also dollar.
www.investmentinternational.com November 2009 Investment International
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