The Isle of Man Government is stepping up efforts to complete the Island’s updated National Risk Assessment (NRA), with key elements of the process now set to be published later than initially planned.

The NRA is a detailed review of the threats posed to the Island in relation to money laundering (ML), terrorist financing (TF) and proliferation financing (PF), and an evaluation of the measures in place to mitigate those risks.

The third assessment, building on reports published in 2015 and 2020, will play a key role in shaping future policy to counter financial crime and safeguard the island’s global reputation as a well-regulated international finance centre, according to the government.

It will also help local firms enhance their own compliance frameworks, and contribute to preparations for the MONEYVAL evaluation scheduled for October 2026, a crucial test of the island’s defences against financial crime and its adherence to international standards.

The government says work is progressing well across many themes and sectors, but the volume and complexity of the data being collected and analysed has led to a revision of the publication timetable.

Officials said the quality and robustness of the assessment must take priority over speed.

Deputy Chief Minister Jane Poole-Wilson MHK, who leads on anti-money laundering and countering the financing of terrorism (AML/CFT), said: 'A robust National Risk Assessment is an essential part of efforts to mitigate ML/FT/PF threats and maintain compliance with international standards.

The work currently taking place will build an overall picture of risk that our industry, Government agencies and international partners can use to protect the Isle of Man and the wider global environment from the scourge of financial crime.'

The TF report is due to be published this summer, followed by the assessment of the Non-Profit Organisation sector. The ML report is now expected to be completed and released in the autumn, while the PF risk assessment is scheduled for publication in late 2025.

Multiple Government departments are involved in producing the updated NRA, alongside financial regulators and representatives from the Island’s business community. Support is also being provided by international experts to ensure the review meets the expectations of global standard-setting bodies such as the Financial Action Task Force (FATF).

Several awareness workshops have already been held to explain the process and encourage engagement from key sectors. More outreach is planned in the months ahead to provide updates, clarify the revised timetable and highlight how industry can contribute to the assessment.

Ms Poole-Wilson added: 'We appreciate the positive engagement shown by many different sectors of the island’s business community and from our charitable organisations. Continued support is crucial as part of our co-ordinated national response.'

Officials say the NRA’s findings will inform targeted, proportionate action to close any identified gaps and ensure the Isle of Man remains a trusted jurisdiction in the global financial system.

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