A day after publishing the National Risk Appetite Statement (NRAS), the Isle of Man Government has expressed strong support for this new document, which highlights the island’s dedication to preventing crime related to online gambling.
The NRAS focuses on the specific crime and financial risks that the iGaming sector poses. It explains the different sectoral, structural, and jurisdictional risks the island faces. The statement offers clear guidance for businesses involved in eGaming and related sectors to assess and manage risks in both new and existing relationships.
It stresses the importance of applying proportionate enhanced measures when higher risk factors are found. This approach is part of the island’s wider plan to keep its economy strong, diverse, and protected from exploitation.
Jane Poole-Wilson, Isle of Man Minister for Justice and Home Affairs, said, “Serious and organised transnational crime is a global threat, and the Isle of Man is committed to playing its part in disrupting this activity. The National Risk Appetite Statement is a crucial step in ensuring that our economy remains strong and diverse, while protecting our Island, its people, and its businesses from exploitation. The Isle of Man is open for good quality, reputable business. To support those aims, this Statement will provide to industry and wider stakeholders the clarity they need.”
The NRAS is supported by a typologies document from the Financial Intelligence Unit (FIU). This document details specific activities and jurisdictions that require monitoring to prevent misuse of the island’s gambling and financial sectors.
The NRAS was created in response to increasing threats from complex organised crime networks in East and Southeast Asia. These networks have been known to exploit casinos and online gaming platforms.
In recent years, the Isle of Man has made changes to how it regulates the iGaming sector, ensuring compliance with international standards. These efforts were noted in a report by the United Nations Office on Drugs and Crime (UNODC) published in April.
The UNODC report included examples involving Manx businesses connected to Zhao Wei, who previously chaired the Golden Triangle Special Economic Zone before expanding operations to the Isle of Man. This highlighted the need for vigilance against organised crime influence.
A second, more detailed National Risk Appetite Statement covering the wider business community will be published later in 2025. The island is also continuing its National Risk Assessment to better understand and reduce risks related to money laundering, terrorist financing, and other financial crimes across all sectors.