IOM FSA Videos to raise awareness of proliferation financing risks.

The IOM FSA published a series of videos in November 2024 to help raise awareness of the requirements and risks associated with proliferation financing (PF).

The videos are part of an IOM FSA PF outreach programme coordinated by several government agencies, including the Financial Services Authority, Gambling Supervision Commission, Financial Intelligence Unit, Cabinet Office, and Treasury’s Customs and Immigration Division. The recordings will cover a range of key topics to enhance understanding of PF and assist firms in meeting their obligations in relation to the Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) Code 2019.

Click on the links below to learn more about critical PF-related topics.

• PF Outreach Overview = https://youtu.be/9RCpwJZfT0A
• PF Introduction = https://youtu.be/L62nvXi87dc
• PF Factsheet = https://www.iomfsa.im/media/3257/pf-fact-sheet.pdf
• PF Questionnaire Report = https://www.iomfsa.im/media/3337/proliferation-financing-report-august-2024.pdf

The videos, the first of which are available to view via the webinars section of the Authority’s website, form part of a wider outreach plan.

• https://www.iomfsa.im/about/webinars/

Bitesize clips will be uploaded in the weeks ahead, culminating in the Island’s PF risk assessment publication in the first quarter of 2025. Topics will include an explanation of PF, an overview of the relevant sanctions regimes, PF red flags and typologies for the financial and non-financial sectors, and information about how to report suspicions.

The video's production builds on the government's engagement in countering financial crime by boosting awareness of PF and sharing examples of good practices and areas for improvement within the Island’s business sector.

Ashley Whyte, Head of AML/CFT Supervision at the Authority, said:

• ‘The financial services industry has a vital role in countering PF, and businesses must be aware of the risks of their services being used to fund proliferation activity. Firms need to know their customers and understand their activities and any parties linked to them, which will help identify any red flags. We hope the videos will strengthen knowledge and understanding and encourage firms to share the clips with relevant colleagues in their organisations.’

 Note:

• The Financial Action Task Force defines Proliferation Financing as: “The act of providing funds or financial services which are used, in whole or in part, for the manufacture, acquisition, possession, development, export, trans-shipment, brokering, transport, transfer, stockpiling or use of nuclear, chemical or biological weapons and their means of delivery and related materials (including both technologies and dual-use goods used for non-legitimate purposes), in contravention of national laws or, where applicable, international obligations.”

SOURCE

• https://www.iomfsa.im/fsa-news/2024/nov/videos-to-raise-awareness-of-proliferation-financing-risks/