How might it affect business in the Island?

In the Isle of Man, the potential risk associated with international trade and its impact on
banks and financial institutions is not unlike that in other jurisdictions. However, a unique
concern lies in the significant number of TCSPs (Trust and Corporate Service Providers)
involved in international trade, which could present a specific risk.
Criminals or terrorists may find it appealing to use an Isle of Man-based TCSP to establish
and/or oversee various elements within a Trade-Based Money Laundering (TBML) scheme.
This attraction arises from several factors. Firstly, the Island's geographical distance from
the actual or purported trade activities, often in distant time zones, makes it challenging to
verify the authenticity of goods, shipments, and related documents. Additionally, potential
tax benefits and the perception of legitimacy associated with the use of a British entity or
address can further entice criminals or terrorists to utilize Isle of Man-based TCSPs for their
illicit purposes.