Isle of Man national money laundering risk remains medium-high - BBC

The Isle of Man's vulnerability to money laundering has not changed significantly in recent years despite "increasingly sophisticated" criminal methods, the home affairs minister has said.

A new National Risk Assessment on money laundering has pulled together the overarching threat of firms falling prey to criminal activity, putting the island's risk at medium-high.

The document is designed to help firms strengthen their policies to safeguard against potential criminal activity.

Jane Poole-Wilson said threats facing the island had increased through continued digital advancements, including virtual assets and artificial intelligence.

Data gathered came from the finance industry, regulators, law enforcement bodies and the financial intelligence unit.

Although assessments of individual sectors - including the banking and not-for- profit sectors - have previously been released, the latest report represents the overall risk across the economy.

The document said cyber-enabled fraud, investment scams, and romance fraud remained among the drivers of foreign offending, while the domestic threat was largely driven by drug importation and labour exploitation.

It also identified transnational organised crime – including Asian and UK-linked organised crime groups – affecting the gambling market and immigration systems.

Sectors identified as having the highest risk were banking, online gambling and trust and corporate service providers.