Post-Event Update: Securing Our Island & Moneyval Update | 10 June 2026
On Tuesday 10 June, Chamber members were joined by the Minister for Home Affairs and Deputy Chief Minister, Jane Poole-Wilson for a wide-ranging briefing covering the Isle of Man's Securing Our Island strategy, preparations for the upcoming Moneyval on-site assessment, and a number of significant legislative developments across Home Affairs. The session, held at Looky's Bar, brought together business leaders and senior professionals from across the Island's financial services, professional services, and wider business community.
The briefing also touched on the work of the Isle of Man Constabulary, Customs and Immigration Division, and a range of cross-government teams involved in the Island's security and regulatory reform agenda.
Members received a comprehensive overview of activity across two major strategic priorities: border security and intelligence-led law enforcement, and the Island's AML/CFT regime ahead of the Moneyval assessment expected later this year, alongside updates on the sexual offences legislation, the National Infrastructure Security Bill, fire service legislation modernisation, and emergency planning.
Dan Davies, Chief Executive Officer of the Department of Home Affairs, joined the Minister for the Q&A session.
The presentation is available to download here.
What we heard from the room
The presentation generated substantial discussion. Below is a summary of the key themes raised by members during the Q&A.
Compliance costs and the need for a parallel growth strategy
The most sustained conversation of the morning centred on the cost of compliance and what comes after Moneyval. One member noted that compliance costs in their business had risen by over 30% in the last three to four years, growing at 8–10% per annum, meaning businesses need to grow at a similar rate simply to stand still. The clear message from the room was that passing the Moneyval assessment is the floor, not the ceiling. Members want to see a parallel strategy for growth developed now, rather than waiting for the report to land in mid-2027. The Minister acknowledged this directly, noting the strategic industry AML forums have already begun to shift the conversation in this direction, and that the Treasury and DFE Ministers have been attending alongside her.
From zero-risk culture to managed risk
Closely linked to the growth discussion was a broader point about risk culture. Several members observed that the Island has become increasingly comfortable with zero risk, and that this is itself a barrier to innovation and economic development. The call from business was clear: government and industry need to work together to create an environment where calculated, well-mitigated risk is acceptable and where those who take it responsibly are not penalised.
National Infrastructure Security Bill
Members asked about the structure and scope of the forthcoming National Infrastructure Security Bill, particularly whether designation as critical national infrastructure would be opt-in or determined by government. The Minister explained that companies will be designated based on their significance to critical sectors, but that the framework will be proportionate scaled to size, and built around existing regulators and compliance standards such as ISO 27001. The intention is a light-touch regime, with most businesses subject to annual self-assessment and a more detailed review every three years. Existing regulators, such as the FSA for banking, will oversee compliance, minimising additional bureaucracy.
Community safety, weapons, and the Island's crime profile
A member asked whether the Isle of Man is well-placed, legislatively and operationally, to prevent and respond to high-risk incidents. The Minister explained that the Island's crime profile remains significantly different to large UK cities, with no emerging trend of gang-related knife or weapons carrying. It was noted that changes have already been made to armed response deployment to reduce response times, and confirmed that offensive weapons and firearms legislation is on the agenda for the next administration.
Modern slavery legislation
A member raised the decision to pause extension of the UK Modern Slavery Act 2015 to the Isle of Man. The Minister clarified that this was a deliberate choice: rather than extend legislation that is itself under review in the UK, the Island is using existing criminal offences and mechanisms to prosecute offenders and support victims appropriately. Modern slavery remains an active area of work, particularly through immigration compliance, and the decision to pause extension is not the same as inaction.
Immigration data and understanding who is on the Island
Members raised the challenge of understanding the Island's population - who is here, what skills they have, and when and why people leave. The Minister acknowledged longstanding data gaps resulting from open borders and the Common Travel Area, and pointed to the inward migration report as the foundation for a more systematic approach. She flagged the potential for a single registration point or concierge-style approach for new arrivals, which could both support residents and improve planning data. Members welcomed this direction and linked it to the broader skills and housing discussion.
What happens next
We would love to hear from members with further questions or reflections following the briefing. If there are specific issues raised in the session you would like us to take forward - particularly around compliance costs, growth strategy, or the National Infrastructure Security Bill - please get in touch at office@iomchamber.org.im and we will feed your views into ongoing dialogue with Government.
Thank you to Minister Poole-Wilson for an open and engaging session and to all members who attended and contributed to the discussion.