Representatives from the Isle of Man attended the Financial Action Task Force (FATF) Plenary in Paris to discuss the latest reports created from the island.
The Risks of Gaming and Gambling key report was co-created between the Isle of Man Gambling Supervision Commission (GSC) and Austria.
Erica Humphries, Financial Crime Strategy and Policy Lead at the AML/CFT Policy Office; and Alivija Golubeva, GSC Licensing Division Inspector, both attended the event to explain the methodology and findings behind the report.
A spokesperson for the Isle of Man GSC noted that Humphries and Golubeva were “pleased to represent the Isle of Man on an international stage.”
The Plenary offers a chance for representatives from across Europe to attend and discuss the latest emerging risks and practical challenges their jurisdictions are facing.
There are also conferences and workshops to explore insights into FATF methodology and how effective they are in real-life situations.
This creates a platform for representatives to share their experiences, strengthen international co-operation and ensure the different jurisdictions are aligned with global standards.
A spokesperson for the FATF said: “As gaming and gambling industries continue to change through the expansion of online, cross-border, multi-product and multi-payment platforms, the Plenary approved work to update the Global Network’s understanding of the latest risks in the casino sector and broader gambling sector with illicit finance risk indicators that will help to detect criminal activity.”
Earlier this year, the Isle of Man decided to keep its risk level at 'medium high' as part of its Gambling Sector Money Laundering Risk Assessment.
This was the sixth and final FATF Plenary meeting under the Mexican Presidency of Elisa de Anda Madrazo
