The Isle of Man Government has released its first standalone Terrorist Financing National Risk Assessment (TFNRA), which has upgraded the risk level for the island’s online gambling sector from “low” to “medium.”
The report is part of a broader initiative to combat organized crime and protect the island’s status as an international financial center.
The new assessment, which expands on previous money laundering investigations, concluded that the overall risk of the Isle of Man being used to finance terrorism is “medium-low.”
However, the online gambling sector, which accounts for over 13% of the national income, was reassessed and its risk profile was elevated to “medium,” placing it on par with banks.
The report explained that this change was based on a number of factors.
While the number of actual terrorist financing cases in the Isle of Man remains rare, recent money laundering investigations involving online gambling companies prompted a reassessment of the sector’s vulnerabilities.
The report also identified weaknesses in the controls of B2B gambling businesses.
In response, the Isle of Man Gambling Supervision Commission (GSC) has already begun implementing new measures to address these risks.
These efforts include establishing a clearer legal foundation for stricter, risk-based licensing decisions. This follows a recent major fine and license revocation for operator Celton Manx due to anti-money laundering failures.
Jane Poole-Wilson, the Justice and Home Affairs Minister, called the assessment a “vital tool” in the ongoing effort to protect the island’s financial system and highlighted the commitment to ensuring the Isle of Man remains a secure and responsible jurisdiction.
