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New fraud legislation comes into effect on 1 November

Thursday, 5 October 2017

New legislation that will enhance the Isle of Man’s reputation as a responsible international business centre comes into effect from 1 November 2017.

The Fraud Act 2017 is being introduced by the Department of Home Affairs to bring the Island more into line with global standards.

The legislation modernises the measures available to combat fraud and its associated links to offences such as aiding and abetting and conspiracy.

Home Affairs Minister Bill Malarkey MHK said:

‘We want to raise awareness of the new legislation, which is intended to protect members of the public and businesses from fraudsters. The Act comes into operation on 1 November and puts in place similar laws to those of the UK.’

He added:

‘The introduction of modern laws to combat fraud will further strengthen the Isle of Man’s status as a centre for high-quality business and increase customer confidence in our financial services industry.’

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