Moneyval

So having that common understanding, I think, would also better inform cross-border collaboration and information sharing.

And I should add that MoneyVal has published a conflict financing typology.

This is one of the FATF FSRBs, which is a fantastic start.

But I think this needs to be done at the FATF level to have the kind of imprimatur of FATF's authority.

So there is, there are new threats now.

There's the Moneyval audit which is going on at the moment, a threat which could be, if we don't get it right, 11% hit to GDP, 140 million loss in annual income.

Pillar Two tax is supposed to bring in 35 million, but when we look at the fact that this is about an, uh, multinational corporation tax of 15%, you could have multinationals decide to leave.

So you're talking about 1,000 jobs that have gone.

And having met with them several times, there are other things that we can do to create the right regulatory environment to allow them to go and find new, new businesses and, and new clients.

Um, and I think we need to continue to be a well-regarded jurisdiction.

And you mentioned, uh, Moneyval's been mentioned here-

Sorry, Michelle

I was given the freedom, um, apart from a payment on account from the tax office.

Um, but we have Moneyval, which is probably our biggest, um, looming project.

Uh, it, it is essential that is whitelisted and that, that, that stage remained and, and the government is copped with a stick for not doing certain things.

What they are doing is focusing on that.

So what's the issue?

The issue is probably the over-regulation in the regulated sector.

It's not so much the government, it's, um, it's about being regulated to a point where you can't move and over-regulation, and to a point where, okay, Moneyval is the issue, but they might say, "We need to provide A, B, and C," but they're actually, they're asking you for the whole alphabet.

You know, so you are drowning in administration.

At the moment, the regulations are being, uh, take...

Everybody's terrified of Moneyval, and Moneyval's perfectly valid, and Moneyval are going to keep on checking y- every two years.

Um, so we need to stick to the regulations, but we don't need to be overcooking it.

Okay.

So if you're proposing the fact that we have maintenance teams out doing it, where's the money coming from?

from the layers of management that we've put in place instead we need to refocus our whole government in this way we've taken away all the way the frontline services and built more and more layers of uh administration and and duplication within the fact that we have eight separate uh um eight separate silos of it well not silos a separate department is the word i'm looking for we've got a separate departments and there's lots and lots of uh duplication and many many administrative roles in there that could all be centered in and let us free that money out to get back to the folk to get back to the front lines in each of those departments

claire barber is that a is that a reasonable um summation of what the problem is

So, I mean, I think trying to reduce the number of departments further would be a challenge.

It's not part of a mass immigration or a population growth.

We've always had that.

You don't need a word permit to be a dentist.

If a surgeon came on and said, look, I'd like to come to the Isle of Man, well, there's no problem.

We've seen a big digital rollout at the current time, which has affected quite a number of people, and it's now leaving people very, very isolated, and small business are finding it extremely difficult to establish.

We've got the MoneyVal, which has already affected people in bank accounts acquiring finance on the island.

And we have the potential for...

You know, people arriving, acquiring licenses and, you know, they're finding it difficult.