The Isle of Man Financial Services Authority, working with the Department of Home Affairs, has launched a consultation on plans to modernise the Island’s countering the financing of terrorism framework for the non-profit organisation sector, focusing on charities with overseas activities and exposure to higher-risk jurisdictions. The proposals are intended to strengthen the ability to assess and mitigate terrorist financing risk while keeping safeguards proportionate and supportive of legitimate charitable work. At the centre of the package is the draft Specified Non-Profit Organisation (Countering the Financing of Terrorism) Code 2026, which would update the definition of a Specified Non-Profit Organisation (SNPO) and result in a slightly broader SNPO population operating under simpler, risk-based requirements, alongside enhanced support and oversight. The new Code would replace and revoke the Anti-Money Laundering and Countering the Financing of Terrorism (Specified Non-Profit Organisations) Code 2019, and sits within the Island’s two-tier NPO oversight model under which all registered NPOs are overseen by HM Attorney General’s Chambers while a higher-risk sub-set is overseen by the FSA for AML/CFT compliance. The FSA plans to contact the small number of impacted charities to offer support, including free training and guidance materials, and will hold drop-in sessions during the consultation period with further details to follow in early February. Responses are invited via the Government Engagement Hub consultation, which closes on 2 March 2026.

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