Isle of Man creates financial intelligence unit

The new unit will will not investigate financial crime, instead it will analyse suspicious activity

The Isle of Man government has created a financial intelligence unit aimed at tackling corruption, money laundering and the financing of terrorism.

The FIU will analyse reports of suspicious financial activity and "protect the island's reputation", the Department of Home Affairs said.

It will "enhance our defences against criminal activity", Home Affairs Minister, Juan Watterson, said.

The FIU was previously part of the police force's Financial Crime Unit.

The new stand-alone unit, which came into operation on Friday, will analyse suspicious activity and "respond to international requests for assistance in criminal investigations".

It will also "promote awareness" of anti-money laundering procedures and "the combating of terrorist financing".

But it will not investigate financial crime - a function retained by the Financial Crime Unit.

Following a huge data leak exposing the world of offshore finance earlier this year, the government claimed it had put "robust defences" in place against corruption, tax evasion and money laundering.